Waste Management to cut 700 jobs

By Anna Simet | July 26, 2012

Waste collection, transfer and recycling company Waste Management Inc. announced it will be eliminating 700 jobs, or roughly 2 percent of its North American job fleet of over 40,000.

WM owns and operates more than 100 landfill gas projects across North America, also has investments in and partnerships with multiple other companies focused on waste-based energy production. Some of them include plasma gasification company InEnTec LLC to form S4 Energy Solutions, cellulosic ethanol producer Enerkem Inc., thermochemical gasification company Agnion and organic waste-based energy and fuels company Harvest Power Inc.

Waste Management said the cuts are part of its efforts to reduce costs, and that it expects to take a pre-tax charge of between $50 million and $60 million in the third quarter, primarily related to severance costs.