New Teamsters Report Details Mounting Liabilities for One of Republic Services' Nuclear Waste Landfills Is Bridgeton, Missouri the Tip of the Toxic Landfill Iceberg?
WASHINGTON, April 23, 2014 /PRNewswire-USNewswire/ -- Today, the Teamsters released a report that details the escalating costs to the public and investors for Republic Services, Inc's [NYSE: RSG] mismanagement of its Bridgeton/West Lake Superfund landfill in Bridgeton, Mo. The nuclear waste remediation has already cost Republic Services $219 million and may cost much more if the Army Corps of Engineers takes over the site.
According to the report, "Republic Services Toxic Investments: Liabilities Mount at Nuclear Waste Landfill," the Bridgeton/West Lake landfill contains 8,700 tons of World War II-era radioactive waste, and an active underground fire. Elected Missouri officials, community groups, environmental activists, and labor organizations are advocating for the U.S. Army Corps of Engineers to implement the remediation of the nuclear waste and charge Republic for the cost of the cleanup. The U.S. Environmental Protection Agency (EPA) is contracting with the Army Corps of Engineers to construct a barrier between the underground fire and the nuclear waste.
Republic attempted a "series of corrective actions" that failed to solve the problems and was slow to alert investors about the mounting liabilities in Bridgeton. Just last week, Republic Services announced a preliminary settlement of more than $6.8 million to settle a 2013 federal class action lawsuit filed by residents enduring foul odors from the landfill. Another lawsuit was recently filed alleging that the radiation has spread to nearby properties and is seeking class action status.
Republic's 2013 annual report indicates it has spent $219 million on remediation charges, with estimated remaining liabilities of $342 million. If the Army Corps of Engineers takes over the remediation of the nuclear waste, it could dramatically increase remediation costs for Republic.
The report details the timeline of events, regulatory agencies involved, and key developments that could drastically alter the future remediation efforts and raise the cost to Republic Services.
"Today's report highlights how Republic is risking investors' money and the public's safety by mismanaging the clean-up in Bridgeton, Missouri," said Robert Morales, Director of the Teamsters Solid Waste, Recycling and Related Industries Division. "The report raises a question that we all should be asking Republic – is Bridgeton just the tip of the toxic landfill iceberg?"
Republic Services investors can ask this question and more on Thursday, April 24, 2014 at 5:00 p.m. ET during the company's first quarter investor conference call. The call can be accessed by logging onto the Republic Services' Investor Relations page on www.republicservices.com or by dialing (800) 369-3117 or (210) 234-0084, passcode "Republic Services."
The International Brotherhood of Teamsters was founded in 1903 and represents more than 1.4 million hardworking men and women in the United States, Canada and Puerto Rico. Visit http://www.pickupthegarbage.com, "like" us on Facebook at https://www.facebook.com/RepublicServicesTeamsters or follow us on Twitter @RepubTeamsters for more information.
SOURCE International Brotherhood of Teamsters