Waste Management Inc. announces restructuring plans


US market leader Waste Management Inc. plans to eliminate one management layer, cut the number of regional organisations, and reduce the number of corporate support staff. The company aims to bring down its cost structure by 10 per cent next year through these initiatives. Waste Management Inc.’s longer-term objective is to cut costs by 20 to 40 per cent, the company commented at the announcement of the plans on Thursday.

In the first half of 2012, the company’s operating revenues grew 5 per cent compared with the same period last year to $6.75bn, according to the financial report also published on Thursday. However, the operating result was down 7 per cent at $867m, and the net result was about 10 per cent lower than one year ago at $379m.

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