Waste Management segment acquires medical business

Waste Management segment unit acquires medical waste business

• On 2:32 pm EDT, Tuesday October 27, 2009

SALT LAKE CITY (AP) -- A subsidiary of Waste Management Inc., the nation's No. 1 trash hauler, said Tuesday it has acquired a medical waste business.

The subsidiary, WM Healthcare Solutions, has acquired Mountain High Medical Disposal Services Inc., a medical waste collection, transportation and processing company.

Terms were not disclosed.

The purchase will improve service for Waste Management's health care customers in the Salt Lake City area and Idaho, Waste Management said.

Waste Management, based in Houston, has said it wants to increase its presence in the growing medical waste business dominated by Stericycle Inc. of Lake Forest, Ill.

The stock purchase of the medical waste treatment facility fits into Waste Management's strategy to manage solid waste, medical, recycling and pharmaceutical waste for the health care industry, Waste Management said.

Shares of Waste Management rose 51 cents, or 1.7 percent, to $31.14 in afternoon trading.