Waste Management completes wheelie bin buys

The waste company says two of the businesses are in New Zealand, based in Palmerston North and Nelson, and the third is in Melbourne.

All the firms are involved in the collection of residential and/or commercial solid waste using predominantly wheelie bins, the company says.

"In New Zealand the businesses will be integrated with and complement our existing businesses in those cities. In Australia the business will operate from the Hines treatment facility which was purchased in July."

WAM says the entry into the solid waste collection business will provide a base to grow in this sector of the business.

Annual revenues are $500,000 a year from Palmerston North, $250,000 from Nelson and A$1.2 million annually from the Melbourne business.

"We anticipate earning Ebitda margins from these revenues of approximately 30% in the first year," the company says.

The purchases were funded by additional debt of approximately $3 million.

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