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98 Lincoln Ave., Bronx, NY
"waste transfer station"
Houston, Texas based Waste Management, Inc. is the largest solid waste management company in the United States serving nearly 20 million municipal, commercial, industrial, and residential customers through a network of 379 collection operations, 342 transfer stations, 283 active landfills, 17 waste-to-energy plants, and 116 recycling plants. With approximately 48,000 employees and 24,000 collection and transfer vehicles Waste Management collects 83 million tons of solid waste annually and landfills an additional 45 million tons of third party waste. In 2006 they earned revenues of $13.4 billion.
In 1998 Waste Management was acquired by USA Waste Services Inc. which took over its name. At the time of the merger, USA Waste was the third largest waste corporation in the US and Waste Management the largest. Consolidation of the companies was challenged on anti-trust grounds by the Department of Justice and several State Attorney Generals, including the New York AG. After agreeing to sell off waste collection and disposal operations in 13 states the merger was approved.
In 2001 Waste Management settled a class action lawsuit accusing it of violations of federal securities laws in connection with its 1998 merger with USA Waste Services and its statements about financial performance in the first three quarters of 1999. The suit was settled for $457 million adding to the $229 million that Waste Management and its auditing firm, Arthur Andersen, agreed to pay to settle another class-action suit earlier that same year for inflating the company's earnings by more than $1 billion between 1993 and 1996.