Wastequip purchases certain assets of Hi-Rise Recycling

Wastequip, Inc. today announced the completion of its purchase of certain assets of Hi-Rise Recycling Companies, Inc.

Wastequip plans to continue operations at the Hi-Rise facility located in Phoenix, Arizona, (AG Products) and the Hi-Rise facility located in southern Florida (Hesco). The acquisition was completed pursuant to Section 363 of the Federal Bankruptcy Code, and the sale was approved by the U.S. Bankruptcy Court located in Canton, Ohio. Hi-Rise had previously filed for Chapter 11 protection in August 2004.

“This further advances Wastequip’s original plan to create a national platform for the manufacture, distribution and sale of equipment used in the waste management industry,” stated Bob Rasmussen, president and CEO of Wastequip. “The Hesco (Wastequip Industrial Davie) facility will provide better service to our South Florida customers while the AG Products (Wastequip AG) facility will serve the fast growing Southwestern United States market. Customers of the other Hi-Rise locations will be served by the Wastequip division which serves that region.”

Wastequip is headquartered in Cleveland, Ohio and has 26 locations throughout North America.

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