Raises Price for High Value Products
Industries Acquires Patriot Waste Systems
Purchases Municipal Landfill
Recycling Program Launched
Complies with Subpoena
Products Sale Approved by Court
Allegheny Raises Price for High Value Products
Pittsburgh, PA - Allegheny Technologies
Incorporated announced that two of its operating units, Allegheny Ludlum
and Allvac, are increasing prices for certain high-value products.
Allegheny Ludlum is increasing prices by approximately 3% to 6% on its
High Technology Alloys, effective with new orders February 3, 2003.
High Technology Alloys include all nickel-based super alloys, nickel-based
alloys, high strength alloys and super austenitic stainless alloys.
Allegheny Ludlum will continue its use of the raw material surcharge
mechanism already in effect for pricing these products.
Allvac is increasing prices by approximately 3% to 6% on its nickel,
titanium and specialty steel products effective immediately. Allvac
will continue its use of raw material indices to reflect changes in
the market for raw materials for pricing these products.
Raw material costs are major factors that affect pricing for these products.
Prime and revert materials used in the manufacture of these products
remain particularly volatile.
Waste Industries Acquires Patriot Waste Systems
Raleigh, NC - Waste Industries USA,
Inc., a regional, non-hazardous solid waste services company announced
the acquisition of Patriot Waste Systems. Founded in 1998, Patriot Waste
Systems provided commercial and industrial waste collection services
to seven counties in central North Carolina and will be a tuck-in to
two branch operations located in Greensboro and Graham, North Carolina.
Based on Patriot's historic performance, the acquisition is expected
to generate annual revenues of approximately $3.7 million.
Mr. Jim Perry, President and CEO of Waste Industries, stated, "The
Patriot Waste Systems transaction is another example of our growth strategy
aimed at adding customers and revenues through tuck-in type acquisitions."
Allied Purchases Municipal Landfill
Boise, ID - Stephen Romano, President
and Chief Executive Officer of American Ecology Corporation announced
the sale of the Company's El Centro municipal and industrial waste landfill
located near Corpus Christi, Texas, to a subsidiary of Allied Waste
Industries, Inc. ("Allied") for $10 million cash at closing
and future volume-based royalty payments.
"Monetizing this non-core asset provides capital for continued
expansion of our core hazardous, industrial and radioactive waste disposal
business and allows us the opportunity to improve our capital structure,"
"Allied is well positioned to grow El Centro revenue and earnings
through integration with its substantial existing municipal waste collection
operation, so this is a good deal for both companies," Romano added.
Under the Agreement, the purchase agreement also provides incentives
for Allied to bring certain industrial waste to the Texas Ecologists
hazardous waste facility, and for the Company to utilize the El Centro
Opened in July 2000, the El Centro solid waste landfill was carried
on the Company's books at approximately $7 million prior to sale. When
combined with a reduction in liabilities and recognition of certain
future minimum royalties, the sale should result in a pre-tax gain on
sale of approximately $5 million to be recognized during the first quarter
ElectroniCycle's New Partnership
ElectroniCycle, Inc. has signed a contract
to provide electronics recycling services for Recycle America Alliance,
L.L.C., a subsidiary of Waste Management, Inc.
—Reprinted with permission from the NERC e-mail
bulletin, February 2003
The two companies will collect and recycle televisions and computers
across a ten-state region. Under the new contract, Waste Management's
Recycle America Alliance and ElectroniCycle will jointly offer eCycling
services in Delaware, New Jersey, New York, Pennsylvania, Connecticut,
Rhode Island, Massachusetts, New Hampshire, Maine, Maryland and Vermont.
Hardware Recycling Program Launched
Long Beach, CA - Epson America Inc.
is making it easy and affordable for customers who care about the environment
to help protect the Earth's resources with the launch of a hardware
The web-based Epson Recycle Program is geared toward people who do not
have convenient locations to drop off electronics for recycling. Participants
will pay $10 per product to cover the cost of shipping and recycling
eligible Epson hardware. In return, the customer will receive a $5 electronic
coupon that can be used on a future purchase at the Epson Store, making
customers' net cost $5. Individuals, businesses or organizations may
recycle up to 10 products at a time.
To participate in the program, customers should visit Epson's website
to order a recycle package, which includes a prepaid shipping label.
After receiving their shipping label from Epson, customers will pack
the product in the original or other box and drop it off at any UPS
drop center. The products are shipped to a licensed recycling facility
where components are shredded, then separated for reuse.
Officials at Epson noted that many computer hardware companies either
don't have a recycling program or charge a much higher fee.
Metal Management Complies with Subpoena
Chicago, IL - Metal Management, Inc.
announced that it has received a subpoena to produce documents before
a federal grand jury sitting in South Bend, Indiana. The Company has
been advised that the grand jury is investigating scrap metal pricing
and purchasing in Indiana, Illinois, Ohio and Michigan. The Company
has advised the government that it intends to cooperate fully with the
subpoena and the grand jury's investigation.
Cold Metal Products Sale
Approved by Court
Youngstown, OH - U.S. Bank-ruptcy Court approved a motion
for the sale of Cold Metal Products, Inc. An auction took place February
"Cold Metal is a sound investment," said Raymond P. Torok,
president and CEO. "The active interest of numerous potential investors
validates this thinking. The court's approval of this motion is a major
step forward in getting the company out of bankruptcy."
In November, Cold Metal hired Resilience Capital Partners, a Cleveland-
based merchant-banking firm, to position Cold Metal as an attractive
purchase to the investment and manufacturing communities. To date, more
than a dozen investors have signed confidentiality agreements, an initial
step for the potential purchase of the company as a whole or in parts.
"We have significantly cut costs and made the tough decisions,
including layoffs and terminations, to maximize the company's value
and to keep it viable until the sale. Such moves were difficult yet
necessary as we believe that a sale is in the best interest of the greatest
number of stakeholders," he said.
Cold Metal will produce and ship products to its customers through this
transition period and pay in accordance with suppliers' purchase order