waste management inc (WM) Key Developments
Waste Management, Inc. Elects Andre's Gluski as Member of the Board
Jan 2 15
Effective January 1, 2015, the Board of Directors of Waste Management, Inc. elected Andre's Gluski as a member of the Board. Mr. Gluski's committee memberships have not yet been determined. Mr. Gluski, age 57, is currently president, chief executive officer and a member of the board of directors of The AES Corporation. Mr. Gluski previously served AES as chief operating officer from 2007 until 2011. Mr. Gulski also currently serves on the board of directors of the Council of the Americas and the Edison Electric Institute and is Chairman of AES Gener and AES Brasiliana. He is an appointed member of the President's Export Council.
Waste Management Announces the Redemption of Senior Notes Due in 2015, 2017, and 2019
Dec 19 14
Waste Management, Inc. announced that it will redeem the entire outstanding principal amount of its 6.375% Senior Notes due March 2015, 7.125% Senior Notes due December 2017, and 7.375% Senior Notes due March 2019. The redemption date for the Notes is January 20, 2015. The aggregate principal amount of the Notes outstanding is $946.8 million. The redemption price for each series of Notes will include a make-whole premium, which will be calculated three business days prior to the redemption date in accordance with the terms of the Notes and related indenture, plus accrued and unpaid interest on the Notes up to, but excluding, the redemption date. Waste Management plans to use cash on hand to fund the redemption of the Notes, pending consideration of potential debt refinancing.
Waste Management Mulls Acquisitions
Dec 19 14
Waste Management, Inc. (NYSE:WM) intends to pursue acquisitions. The company has completed the sale of Wheelabrator Technologies, Inc. to an affiliate of Energy Capital Partners for approximately $1.94 billing. The company intends to use the funds from the sale to drive incremental shareholder value by acquiring assets related to the core business, repurchasing shares and maintaining a strong balance sheet.
Waste Management Opens New Renewable Natural Gas Facility
Nov 12 14
Waste Management announced the opening of a unique Renewable Natural Gas Facility creating pipeline-ready natural gas from the landfill gas produced at its Milam Landfill in Fairmont City, Illinois. The Milam Renewable Natural Gas Facility is designed to process approximately 3,500 standard cubic feet per minute (SCFM) of incoming landfill gas. This is as much gas as it takes to fuel about 200 Waste Management CNG collection trucks each day, and represents more than 5% of the natural gas that is used in Waste Management's entire CNG fleet per day. Waste Management of Illinois currently has more than 100 CNG trucks in its fleet displacing about one million gallons per year of diesel fuel. The existing Milam Landfill-Gas-to-Energy facility produces 2.4 megawatts of renewable energy. The output from this power plant is now directly connected to the new Renewable Natural Gas Facility, providing the power needed to run the new facility. The Renewable Natural Gas Facility also reduces the site's emissions. Since the gas is treated, rather than burned onsite, Waste Management anticipates a 60% reduction in emissions of carbon monoxide, nitrogen oxides, and particulate matter. The $19 million Renewable Gas Facility was partially funded by a $2.4 million grant from the Illinois Department of Commerce and Economic Opportunity and the Illinois Energy Office. Construction of the facility provided the equivalent of 17 union jobs over a ten-month period, and three operational jobs. The Milam Renewable Natural Gas Facility is the company's third plant to convert landfill gas to natural gas. In California, Waste Management collaborated in the plant to convert landfill gas to ultra-low-carbon liquefied natural gas (LNG). With greenhouse gas emissions associated with this fuel, more than 80% lower than those of diesel, this is the cleanest fuel available for heavy-duty trucks. The facility produces up to 13,000 gallons of LNG per day and helps to power the company's fleet in California. In Ohio, Waste Management processes about 3,000 SCFM of landfill gas and delivers it to a natural gas pipeline.
Waste Management, Inc. Declares Quarterly Cash Dividend, Payable December 19, 2014
Nov 10 14
Waste Management, Inc. announced the declaration of a quarterly cash dividend of $0.375 per share payable December 19, 2014 to stockholders of record on December 5, 2014.