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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
December 19, 1997 (December 19, 1997)
Laidlaw Environmental Services, Inc.
(Exact name of Company as specified in its charter)
Delaware 1-8368 51-0228924
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(State or other (Commission (IRS Employer
jurisdiction File Number) Identification
of incorporation) Number)
1301 Gervais Street, Suite 300, Columbia, South Carolina 29201
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (803) 933-4200
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ITEM 5. OTHER EVENTS
On December 19, 1997, Laidlaw Environmental Services, Inc. (NYSE:LLE)
announced that it has sold its municipal solid waste landfill in Carbon County,
Utah to Allied Waste Industries, Inc. (OTC:AWIN). The full text of the
announcement is reproduced below:
LAIDLAW ENVIRONMENTAL SERVICES SELLS UTAH MUNICIPAL LANDFILL FOR $90 MILLION
COLUMBIA, SOUTH CAROLINA...DECEMBER 19, 1997. Laidlaw Environmental Services,
Inc. (NYSE:LLE) said it has sold ECDC Environmental, L.C., which operates a
municipal solid waste landfill in Carbon County, Utah to Allied Waste
Industries, Inc. (OTC:AWIN). The total consideration received by Laidlaw
Environmental Services is approximately $90 million, consisting of $19 million
in cash, assumed debt of approximately $51 million, a promissory note for $10
million with interest at 7% due March 1, 2000 and $10 million contingently
payable March 1, 2000, upon the satisfaction of certain earnings targets. As
well, Allied reimbursed Laidlaw Environmental Services approximately $14.7
million in cash for trust funds securing obligations of the landfill.
Commenting on the transaction, Kenneth W. Winger, president and CEO, Laidlaw
Environmental Services, said,
"This transaction strengthens our balance sheet with its debt reduction
and cash infusion. It should be accretive to our annualized earnings by
two to three cents per share. The Utah site, as a rail-haul municipal
solid waste destination, is a better fit with Allied's operations than
with Laidlaw Environmental's hazardous waste management activities."
Laidlaw Environmental Services is the leading provider of hazardous and
industrial waste management services to industry and government. The company
operates from more than 100 locations throughout North America.
Forward-looking statements in this release are made pursuant to the safe harbor
provisions of the Private Securities Litigation Act of 1995. Such
forward-looking statements are subject to certain risks and uncertainties that
could cause actual results to differ materially from those currently
anticipated. Among the important factors that could cause actual results to
differ materially from those indicated by such forward-looking statements are
competitive pressures, changes in pricing policies, business conditions in the
marketplace, general economic conditions and the risk factors detailed from time
to time in the Company's periodic reports and registration statements filed with
the Securities and Exchange Commission.
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Contact: Kenneth W. Winger
President and CEO
Laidlaw Environmental Services
803-933-4211
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
LAIDLAW ENVIRONMENTAL SERVICES, INC.
Date: December 19, 1997 By: /s/ Kenneth W. Winger
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Kenneth W. Winger, President
and Chief Executive Officer
