Toronto-based IESI-BFC Ltd. has changed its name to Progressive Waste Solutions. The name change became effective yesterday; the firm will begin trading under its new name on the New York and Toronto stock exchanges “on or around” Wednesday, May 11, according to a company press release. The firm will retain its BIN ticker symbol and will incorporate its new name and logo into all of its operations over the next three years.
“Progressive Waste Solutions marks a new era for our operating brands BFI Canada, IESI and Waste Services,” said Keith Carrigan, vice chairman and CEO of Progressive Waste Solutions, in a statement. “Over the years, as we have grown organically and through acquisition, we have worked hard to bring our operations and employees together as one integrated company. I am very proud today to be announcing the launch of a new corporate name and brand identity that will unify all of our brands in North America and speak to the promise we make to our valued customers.”
The name change comes several days after the company released its first-quarter 2011 earnings report, which detailed a 60.1 percent growth in revenue. For the first three months of this year, Progressive Waste Solutions reported a net income of $23.1 million on $422.9 million in revenue. During the same period in 2010, the firm posted a net income of $16.7 million on $264 million in revenue.
The company attributed the revenue growth in part to its July 2010 acquisition of Waste Services. “Our first-quarter results were in line with expectations, and we believe we are on track to achieve the outlook we provided for our 2011 financial performance,” said Carrigan in a statement that accompanied the earnings release. “We overcame a number of headwinds in the quarter … We are pleased with these results, particularly given the challenges that we faced in the quarter due to harsher comparative weather conditions in certain parts of the United States and Canada.”
• Progressive Waste's Press Release on Its Name Change
• Progressive Waste's Press Release on Its First-Quarter 2011 Earnings Report