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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
JUNE 10, 1996
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)
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WMX TECHNOLOGIES, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE
(STATE OR OTHER JURISDICTION OF INCORPORATION)
1-7327 36-2660763
(COMMISSION FILE NUMBER) (IRS EMPLOYER IDENTIFICATION NO.)
3003 BUTTERFIELD ROAD, OAK BROOK, ILLINOIS 60521
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
(708) 572-8800
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
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Item 5. Other Events.
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On June 10, 1996, the registrant issued a news release reporting that
due to continuing weakness in prices for recyclable paper fiber and an
expectation that recycling markets will not improve in the near term, (i) the
registrant's Waste Management, Inc. subsidiary was adjusting the capacity of
its North American recycling operations to respond to the nation's weak
recycling economy and (ii) the registrant's second quarter earnings are expected
to fall in the range of $.45 to $.47 per share and the year is expected to be in
the range of $1.85 to $1.90 per share. A copy of the news release is filed
herewith as an exhibit and incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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No financial statements or pro forma financial information are filed as
a part of this report. The exhibit filed as part of this report is listed in the
Exhibit Index hereto.
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
WMX TECHNOLOGIES, INC.
By: /s/ Thomas A. Witt
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Thomas A. Witt
Vice President
Dated: June 12, 1996
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WMX TECHNOLOGIES, INC.
EXHIBIT INDEX
Number and Description of Exhibit*
----------------------------------
1. None
2 None
4. None
16. None
17. None
20. None
23. None
24. None
27. None
99.1 News release dated June 10, 1996 issued by WMX Technologies, Inc.
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* Exhibits not listed are inapplicable.
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Analyst Contact: Media Contact:
James E. Koenig William J. Plunkett
(708) 572-8822 (708) 572-8898
WMX TECHNOLOGIES ADJUSTS EXPECTATIONS,
CITING NORTH AMERICAN RECYCLING OPERATIONS
. Plans to reduce Waste Management paper recycling volume 15 percent due
to low commodity pricing caused by supply/demand imbalance in low-grade
fiber market
. Company indicates second quarter results will be in range of $.45 to
$.47 per share and expects '96 earnings to be in the range of $1.85 to
$1.90 per share
Oak Brook, Illinois, June 10, 1996 -- WMX Technologies, Inc., citing
continuing weakness in prices for recyclable paper fiber and an expectation that
recycling markets will not improve in the near term, today announced that its
Waste Management, Inc. subsidiary was adjusting the capacity of its North
American recycling operations to respond to the nation's weak recycling economy.
WMX indicated the Waste Management plan includes:
. Temporarily reducing the processing of paper volume representing
approximately 15 percent of the paper fiber it handled in 1995 at its
approximately 170 North American material recovery facilities;
. Reducing the processing of certain low-grade paper fiber which has poor
short-term market potential or cannot be handled profitably.
The Company indicated that due to weakness in recyclable commodity pricing,
WMX's second quarter earnings are expected to fall in the range of $.45 to $.47
per share, and the year is expected to be in the range of $1.85 to $1.90 per
share.
"Our nation has embraced recycling as a fundamental environmental ethic,
and it has put into place the infrastructure necessary to collect and process
recyclable materials," said Phillip B. Rooney, President and Chief Executive
Officer of WMX. "We must now focus on measures that balance supply and demand to
effectively sustain and strengthen the nation's recycling economy.
Unfortunately, our nation's capacity to collect and process materials,
especially at the low end of the paper fiber
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market, has for the time being outpaced its appetite for products using recycled
materials," Mr. Rooney said.
"We must continue to encourage and re-emphasize a public policy that
supports buy-recycled initiatives, including government procurement and
purchasing programs and heightened consumer and environmental awareness. Without
strong public support, demand for recyclables will continue to be weak."
Waste Management said it continues to work on improving the efficiency of
its facility network, lowering costs at material recovery facilities and
focusing on the sale of more valuable fiber grades. Waste Management said its
1996 plan to process approximately 4.6 million tons of fiber had been scaled
back to about 4 million tons.
WMX said that prices for old corrugated cardboard, newsprint and mixed
waste paper, after rising strongly in 1995, had returned to approximately the
same levels as in early 1994. While prices for some fiber grades have increased
in the last month, demand remained unchanged for low grade papers, including
mixed waste papers and newsprint. WMX said that it was expecting recyclable
commodity prices to remain flat for the remainder of 1996.
"We fully intend to maintain our recycling leadership for the long term,
and we view recycling as an essential core service for our customers," Mr.
Rooney said. "We are taking these steps to meet today's market conditions. Our
plan is to size, price and manage our recycling services to improve results and
position our service network with the elasticity we will need to quickly
increase our processing capacity when demand rebounds."
WMX Technologies, Inc., based in Oak Brook, Ill., is the world's leading
environmental services company. WMX through its subsidiaries provides
comprehensive solid and hazardous waste services, clean water and clean energy
services, and environmental technologies and engineering and consulting services
in more than 32 countries.
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