Waste Connections completes merge with Progressive Waste
- Waste Connections, Inc. ("New Waste Connections") has announced it has officially completed the merge of Progressive Waste Solutions, Ltd. with Waste Connections US, Inc.
- The new company, under the name of Waste Connections, Inc., will begin trading today on the Toronto Stock Exchange and the New York Stock Exchange under the symbol "WCN." The shares of Old Waste Connections' common stock will be delisted from NYSE, according to a press statement.
- Waste Connections, Inc. is now North America's third-largest waste service provider, behind Waste Management and Republic Services.
This transaction marks the biggest merge in the waste industry so far in 2016 as Waste Connections and Progressive Waste join to form one of the industry's largest companies. According to a press statement, New Waste Connections will be led by the company's old management team, with Ronald J. Mittelstaedt serving as Chief Executive Officer and Steven F. Bouck serving as president.
"We are pleased to announce the completion of this combination, which creates a leading North American solid waste services company with a strong financial profile and a differentiated and diverse operational footprint," said Mittelstaedt in a statement. "We are excited to welcome the Progressive Waste team to the Waste Connections family, and we look forward to instilling into the combined company the corporate culture, safety focus, operational excellence, capital discipline and accountability that have served us so well and which we believe are necessary for long-term success."
The merged company has a pro-forma revenue of $4.1 billion USD and will be domiciled in Canada. The newly combined company will have 273 collection operations, 132 transfer stations, 93 landfills, 71 recycling facilities, 24 saltwater disposal wells, and 20 exploration and production treatment facilities.
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