Company news

Rumpke named among ‘US Best Managed Companies’

Rumpke Waste & Recycling, Colerain Township, Ohio, announced it was named one of the 2020 US Best Managed Companies. The award, sponsored by Deloitte Private and The Wall Street Journal, recognizes the best managed private companies in the country. Rumpke was the only waste and recycling company to be recognized as an honoree.

Rumpke was nominated for the award and then participated in the application process that included an independent evaluation of four key management skills: strategy, execution, culture and financials. Rumpke was one of 27 honorees from across the Unites States representing a variety of industries.

“Rumpke is thrilled and honored by this national acknowledgment. During these times of uncertainty, this recognition shines a spotlight on our country’s leading private companies. Rumpke is proud to share this award with so many other successful private businesses and to be the only waste and recycling firm to earn this designation,” Rumpke President and CEO Bill Rumpke Jr. says.

“This award is another shared achievement of our Rumpke team. It’s one more acknowledgment that the work, expertise and dedication we put forth every day is what ensures our ability to rise to the top. We would like to thank our outstanding shareholders, board of directors and team of more than 3,000 employees for their efforts as well as all those involved in the awards process,” Rumpke adds.

Coastal Resources of Maine seeks to borrow $10M after reporting low revenues

The Municipal Review Committee, a group representing 115 Maine communities that send waste to Hampden-based Coastal Resources of Maine, has made a loan of $1.5 million to the new facility to help it make improvements after its first six months of regular operations brought in lower-than-expected revenues, reports the Bangor Daily News.

Since starting commercial operations near the end of last year, the Coastal Resources of Maine plant has struggled to bring in revenue in part because it still doesn’t have the state permits that are necessary to resell two different products—plastic fuel briquettes and cellulose pulp—that it makes from the waste it receives.

The facility hopes to receive those permits soon, but the delay has forced it to pay fees to landfill those products rather than receive income from selling them, according to Coastal Resources Director of Community Services Shelby Wright.

The company is now seeking to borrow more than $10 million to help pay for a series of upgrades it has identified as necessary, Wright tells the paper. In addition to making improvements to its machinery to better handle the waste it receives, the plant needs to stock more belts, motors and other supplies needed for maintenance, and hire more workers.

Coastal Resources of Maine will also use those borrowed funds to pay back the $1.5 million loan it has received from the committee.

In February, the committee’s board agreed to grant the “short-term loan” out of an existing account meant to address contingencies in the Hampden plant’s operations, according to Coastal Executive Director Michael Carroll.