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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
December 18, 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)
(630) 572-8800
(Registrant's telephone number, including area code)
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Item 5. Other Events.
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On December 18, 1996, the registrant issued a news release announcing that its
majority-owned Waste Management International plc subsidiary ("WM
International") had reached an agreement with Wessex Water plc ("Wessex") to
sell its 19.5% equity investment in Wessex, a United Kingdom-based water
utility. Under the terms of the proposed transaction, which is subject to the
approval of Wessex stockholders, WM International will sell to Wessex
approximately 87% of its equity interest in Wessex, and will sell the remaining
13 percent of its investment in open market stock sales. The transaction is
expected to produce total after-tax proceeds of approximately $259 million in
cash, which will be used by WM International primarily to reduce indebtedness.
Under a previous agreement, WM International had been precluded from selling its
interest in Wessex until early 1998. The registrant indicated that the
transaction, which is expected to be completed in February 1997, will not alter
the ownership structure of Wessex Waste Management Ltd., the waste services
joint venture between Wessex and WM International that operates UK Waste Ltd.,
one of the United Kingdom's largest waste services companies.
The registrant also announced that the agreement for the sale of the Wessex
shares will generate a charge in the fourth quarter of 1996 of approximately $88
million after tax, or $.18 per share, and have a $.04 per share negative impact
on the registrant's 1997 earnings. The registrant stated that upon the
completion of the Wessex transaction, it will have generated nearly $1 billion
in cash from the disposition of non-core and underperforming assets, the target
it established in May 1996. The registrant, however, indicated that it expects
to monetize additional assets, including other non-core equity investments, real
estate and underperforming core businesses.
7. Financial Statements and Exhibits
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There are no exhibits to this report.
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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: December 20, 1996
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