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Waste Management divests under-performers

Houston-based Waste Management Inc. is cutting 600 jobs in a corporate restructuring and plans to divest itself of ...


Houston-based Waste Management Inc. is cutting 600 jobs in a corporate restructuring and plans to divest itself of under-performing collection businesses and transfer stations. According to the company, the job cuts will save about $30 million this year and $70 million annually (starting next year). The company will take a pretax charge of about $20- to $30-million during the third quarter to pay for the layoffs.

CEO David Steiner says the asset sale is “consistent with our plan to increase our internalization rates and improve our operating margins.” The operations to be divested represent about $400 million in annual revenue, according to Waste Management.


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