Casella Waste Systems, Inc. Announces Acquisition of Municipal Solid Waste (MSW) Landfill in McKean County, Pennsylvania
March 01 2011 - 3:16PM
Marketwired
Casella Waste Systems, Inc. (NASDAQ: CWST), a regional solid waste,
recycling and resource management services company, announced that
it acquired a MSW landfill in McKean County, PA out of bankruptcy
proceedings on February 24 for $0.5 million in cash and the
assumption of certain contractual obligations.
The roughly 230 acre landfill is permitted by the Pennsylvania
Department of Environmental Protection to accept 1,000 tons per day
of MSW by truck and 5,000 tons per day by rail. While a rail siding
is permitted at the site and the property abuts a railroad spur,
the company has no immediate plans to build a rail siding. The site
has over 33.5 million cubic yards of permitted airspace. The
company estimates the net present value of assumed contractual
obligations and closure and post closure liabilities at
approximately $4.2 million.
"Acquiring the McKean landfill out of bankruptcy proceedings was
a great opportunity to add an additional MSW landfill within our
northeast footprint for a great price," said John W. Casella,
chairman and CEO of Casella Waste Systems. "The McKean landfill
adds a great strategic asset in our Western Region, and allows our
team to better balance tonnages across our landfills to minimize
transportation costs and maximize permit utilization."
"Our management team in the Western Region knows this site well,
and they have already hit the ground running to source new tonnages
to the site and improve operational performance," Casella said.
About Casella Waste Systems, Inc. Casella
Waste Systems, Inc., headquartered in Rutland, Vermont, provides
solid waste management services consisting of collection, transfer,
disposal, and recycling services in the northeastern United States.
For further information, contact Ned Coletta, vice president of
finance and investor relations at (802) 772-2239, or Ed Johnson,
chief financial officer at (802) 772-2241, or visit the company's
website at http://www.casella.com.
Safe Harbor Statement Certain matters
discussed in this press release are "forward-looking statements"
intended to qualify for the safe harbors from liability established
by the Private Securities Litigation Reform Act of 1995. These
forward-looking statements can generally be identified as such by
the context of the statements, including words such as we
"believe," "expect," "anticipate," "plan," "may," "will," "would,"
"intend," "estimate" and other similar expressions, whether in the
negative or affirmative. These forward-looking statements are based
on current expectations, estimates, forecasts and projections about
the disposition and the industry and markets in which we operate
and management's beliefs and assumptions. We cannot guarantee that
we actually will achieve the plans, intentions or expectations
disclosed in the forward-looking statements made. Such
forward-looking statements, and all phases of our operations,
involve a number of risks and uncertainties, any one or more of
which could cause actual results to differ materially from those
described in our forward-looking statements. Such risks and
uncertainties include or relate to, among other things: the risk
that liabilities assumed in connection with the acquisition exceed
our estimates, or other factors beyond the company's control. There
are a number of other important risks and uncertainties that could
cause our actual results to differ materially from those indicated
by such forward-looking statements. These additional risks and
uncertainties include, without limitation, those detailed in Item
1A, "Risk Factors" in our Form 10-K for the year ended April 30,
2010.
We undertake no obligation to update publicly any
forward-looking statements whether as a result of new information,
future events or otherwise, except as required by law.
Ned Coletta (802) 772-2239 Ed Johnson (802) 772-2241
http://www.casella.com
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