Casella Waste Systems Announces That It Has Signed a Purchase and Sale Agreement to Sell Its Maine Energy Recovery Facility to the City of Biddeford, Maine
Casella Waste Systems, Inc. (NASDAQ: CWST) recycling and resource management services company, announced today that it signed a purchase and sale agreement to sell its Maine Energy Recovery facility to the City of Biddeford, ME ("Biddeford").
At a special meeting on Tuesday, July 31, 2012 Biddeford's nine-member council voted to enter into the purchase and sale agreement for MERC, and the agreement was subsequently executed by the company and Biddeford on Wednesday, August 1, 2012. As per the purchase and sale agreement, Biddeford will pay the company total consideration of $6.65 million over 20 years, enter into a new 10 year waste handling agreement, and enter into a new 10 year recycling collection agreement.
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