Synagro Technologies to Buy Waste Management's BioGro Subsidiary

Waste Management Inc. announced yesterday that an agreement has been reached to sell the Company's BioGro subsidiary to Synagro Technologies Inc. for approximately $200 million in cash and assumed debt. The sale is expected to be completed in the second quarter of 2000.

BioGro is a leading manager of organic residuals in North America. It manages more than 5 million wet tons of biosolids a year at 35 processing facilities. It also provides for the land application of 10,000 wet tons of municipal biosolids a day for which it has 2,200 permits and a permitted land base of 500,000 acres.

Synagro is a national provider of organic residuals management services to municipalities, industrial generators, and wastewater privatization projects throughout North America.

The sale of the BioGro business stems from Waste Management's strategy to re-focus the Company on its North American solid waste operations.

Edited by Kate Goff