Browning-Ferris Taking $295-Million Charge: Browning-Ferris Industries Inc.,...
From Times Staff and Wire Service Reports
Browning-Ferris Taking $295-Million Charge: Browning-Ferris Industries Inc., a waste disposal giant, announced that it is getting out of the hazardous-waste business and taking a $295-million charge against earnings in the second quarter. Hazardous-waste business added 2% to the Houston-based company’s revenue but reduced earnings by 10% and accounted for “75% of our headaches,” John Stanton, Browning-Ferris’ chief financial officer said. The hazardous-waste collection, treatment and disposal businesses have lost money for a year and a half. The firm said it will operate the hazardous-waste business until it is sold or converted to non-hazardous uses.
