Waste Management buys two waste collection companies

Waste Management has bought two small businesses in Australia and New Zealand.

In a statement to the stock exchange today, the company said it had bought solid waste collection business Northern Bin Hire in Melbourne, for A$3.5 million ($3.8 million).

The company said it also bought a customer list to provide route density to its existing Melbourne Waste MGB business. Both businesses will be consolidated.

Waste Management also today announced the acquisition of Taupo Bin Man, which it said was a small business that would complement solid waste collection in the Central North Island region.

Shares in Waste Management were up 1c to a record high of $5.34 by midday today.

- NZPA