Getting Baled out Waste Technology Corp. Profitable Again after Selling Plant

By Basch, Mark | The Florida Times Union, July 7, 2000 | Go to article overview

Getting Baled out Waste Technology Corp. Profitable Again after Selling Plant


Basch, Mark, The Florida Times Union


Five years ago, everything was looking up for Waste Technology Corp.

The manufacturer of balers and other large recycling equipment was the most profitable public company based in Jacksonville and was preparing to expand with a new subsidiary in Baxley, Ga., called International Press and Shear Corp.

But shortly after IPS opened, paper prices dropped, killing demand for the large balers produced at the new factory.

"The basic market it appealed to just went south," said Ted C. Flood, president and chief executive officer of Waste Technology.

The result was four consecutive years of losses for a company that had been highly profitable. Waste Technology finally sold the assets of IPS in December and has returned to making money this year.

"We see better days are coming," said Flood. "We're lean, we're mean, we're postured."

Waste Technology is back to producing balers only at its two Jacksonville subsidiaries, International Baler Corp. and Consolidated Baling Machine Co. Inc., that operate at the same facility on the Westside.

Balers are machines that compress waste products into compact bales for recycling or disposal. Waste Technology produces balers that handle a wide variety of products, including paper, rubber, textiles and scrap metal.

"I don't want to be totally dependent on one market," Flood said.

Flood said the Jacksonville operations remained profitable during most of the last five years. But the corporation as a whole was losing money because of IPS.

Waste Technology sold IPS's assets to two officers of the subsidiary in December for $800,000 and the assumption of debt. With the sale, the company recorded a profit of $813,243, or 15 cents a share, for the six months ended April 30, on sales of $4.8 million. The profit included a gain of $626,929, or 11 cents a share, from the IPS sale.

In the three months ended April 30, the first complete quarter following the IPS sale, Waste Technology earned $144,129, or 3 cents a share.

Recycling has been a cyclical business but it is getting more stable, said John A. Legler, executive vice president of the Waste Equipment Technology Association in Washington, D. …

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