Houston-based Waste Management Inc. (NYSE: WM) President and CEO David Steiner is selling off a nearly $2 billion subsidiary, New Hampshire-based Wheelabrator Technologies Inc., to New Jersey-based Energy Capital Partners in a cash deal, the Houston Business Journal reported.
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Wheelabrator Technologies Inc., operates 17 waste-to-energy and four independent power producing facilities across the country.
Mr. Steiner said the Wheelabrator facilities were non-core assets.
“This transaction aligns with our goal of driving shareholder value by maximizing our focus on our core business and reducing earnings volatility related to electricity sales, ” Steiner said in a July 29 press release.
The proceeds will be used to fund future acquisitions.
Waste Management is North America’s largest residential recycling company, managing more than 8.5 million tons of materials, including metal, plastic, glass, electronics and paper, at 128 facilities. It’s the 25th largest public company in Texas.
Last August, Waste Management acquired two North Dakota energy services companies.
In March, Waste Management partnered with three engineering and energy companies, including NRG Energy Inc. (NYSE: NRG), to form a venture dedicated to producing renewable fuels and chemicals, the Houston Business Journal reported.
David P. Steiner has been the Chief Executive Officer of Waste Management, Inc. since March 8, 2004 and as its President since June 2010.