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Waste Management: Companies
built 278 days ago
In a stunning event just about to be lost to history, Waste Management disclosed two weeks ago that its former executives and its auditors at Arthur Andersen made repeated mistakes that inflated earnings reports to investors beginning in 1992. They were ... reporting inflated values for assets including abandoned development projects and worn-out garbage trucks and dumpsters. The accounting mistakes and asset write-downs amounted to $ 3.5 billion pretax, or more than 40% of the pretax profit the company had reported those years. Also among the mistakes: botching an earlier accounting correction and keeping for more than a year businesses reported as discontinued.
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Allied Waste's acquisition of BFI came shortly after USA Waste Services purchased the formidable Waste Management, the largest waste handling company in the United States (USA Waste kept the Waste Managment name intact). At that time, the Justice Department came under fire for being too easy on USA Waste Services--to gain the buyout approval, USA Waste only had to divest assets that totaled $275 million in annual revenue. Perhaps due to that criticism, the Justice Department was tougher in its requirement when it came to AWI's purchase of BFI. In July 1999, AWI agreed to divest some 50 landfills, transfer stations, and hauling operations. These assets totaled roughly $197 million in annual revenues, a proportionally much bigger divestiture than the one required of USA Waste. In addition, AWI had to sell its interest in three American Ref-Fuel plants (American Ref-Fuel specializes in the conversion of waste to energy).
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Waste Management has pioneered environmentally sustainable solutions in the Pacific Northwest for the past 20 years. The company initially launched a partnership with the City of Seattle back in the 1980's implementing the City's first comprehensive curbside recycling program. Waste Management has now grown to be the largest recycler in North America.
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The Nuclear Waste Treatment Forum is a venue where many of the nation's waste management experts meet to share lessons learned and their experiences for dealing with waste streams and successful completion of clean-up projects. This year's conference brings together an exciting lineup of speakers to discuss innovations in nuclear waste treatment, regulatory issues, and how to cope with competing priorities and shrinking budgets. The last day of the three-day forum will include tours for two of the Company's Tennessee treatment facilities.
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Allied Waste Industries, Inc. (AWI) is the second largest non-hazardous solid waste company in the United State (the largest company is Waste Management). AWI serves approximately 10 million customers in 39 states. The company is actually comprised of 355 collection companies (which AWI bought or merged with), 181 transfer stations, 167 landfills, and 65 recycling facilities. Allied Waste's customer base is residential, commercial, and industrial.
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Mr. Miller, 56, joined Waste Management in October 1997 as acting chairman and chief executive officer. He joined the company's board of directors in May 1997. Most recently he served as acting chief executive officer of Federal Mogul Corporation. Before that he was recruited to serve as chairman of Morrison Knudsen Corporation [NYSE:MK - news] in a critical period of restructuring after the resignation of Chairman and CEO William Agee between April 1995 and September 1996 after which he became vice chairman. He has ... been a senior partner at James D. Wolfensohn, Inc., an investment bank specializing in corporate strategy. Mr. Miller's first major experience with corporate turnarounds was at Chrysler Corporation, where he was a key negotiator of the company's innovative financial restructuring with the federal government and served as its chief financial officer and vice chairman.
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