“Whether you know Easton or not, whether you drive a garbage truck or sit in the office, when we come together like this and demonstrate love, I think this is what brings us closer together,” Rick said to the Waste Connections team and Easton’s family.
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Giving Easton time to soak it all in, the Waste Connections drivers parked their trucks outside of the hospital, demonstrated how the equipment works, showered Easton with garbage truck-themed toys, and gave him posters with messages of support to hang in his room. On their day off, a team of Waste Connections employees paraded in their cars, holding up posters and waving to Easton before the four big garbage trucks drove down the street, including one driven by Manny himself. Easton has gone through so much in his young life and we just wanted to do our part to bring a smile to his face and help brighten his day during this difficult time.” “But this was the first time that we’ve brought our trucks to visit a kid at the hospital. “It’s not uncommon for our drivers to slow down or stop on their routes to say hi to kids who enjoy seeing our trucks go by,” said Rick Vahl, district manager at Waste Connections. His family reached out to Waste Connections, the refuse collection company that services much of the South Sound, and together, planned a special day for Easton: a parade of garbage trucks at Mary Bridge Children’s. Unable to wave to his favorite garbage truck driver, Manny Garibay, and see him drive down around the neighborhood, Easton has had several sad weeks in the hospital. “It’s capital-intensive and it’s not compounding at 20% per year like software, but for the big players it’s become an extraordinarily repeatable and inflation-resistant business.Easton has spent the last month inpatient at Mary Bridge Children’s fighting leukemia. “Remember, we’re talking about garbage,” he says. Hoffman figures it’s a good diversifier for Gates. That’s because with hazardous waste volumes growing faster than those of normal trash, and opening new hazardous waste facilities nearly impossible, he will have the power to raise prices and expand margins.ĭespite such investments, Republic pays steady dividends its largest shareholder, Cascade Investments (Microsoft cofounder Bill Gates’ personal holding company), receives more than $200 million a year in dividends from its 34% stake. He didn’t hesitate to pay a 70% premium to the pre-deal stock price for a company with lower operating margins than Republic’s. Ecology, which has a market-leading 36% share in hazardous waste disposal, with five landfills that entomb chemical, medical and low-level nuclear waste. Vander Ark’s approach to growth-and profit-is illustrated by Republic’s just-completed $2.2 billion acquisition of U.S. You need to have a fleet that rolls,” says Vander Ark, who will even fly mechanics cross-country to keep trucks moving. “You don’t need to fix a truck 165 different ways there ought to be one way to do it.
It operated under dozens of names (everything from Duncan Disposal to Trash Taxi) and hadn’t standardized truck maintenance or fleet operations. When Vander Ark arrived on the scene a decade later, Republic still hadn’t moved past its roll-up roots. Republic was spun out of AutoNation in 1999. He left that company in 1984 and repeated his roll-up play with Blockbuster Video and AutoNation. He got his start hanging on the back of a trash truck, then acquired hundreds of competitors before taking Waste Management public in 1971. 1 and 2 in trash) are the spawn of billionaire Wayne Huizenga, who died in 2018. John Dobosz is editor of the Forbes Dividend Investor and Forbes Premium Income Report investment newsletters.īoth Waste Management and Republic (Nos. Priced at 15 times earnings, Dover trades at a 22% discount to its five-year average P/E, and its dividend yield is 1.6%. Revenue this year is expected to grow 8.3% to $8.6 billion, with earnings up 11%. It’s also a big player in pumps, winches, hoists, commercial refrigerators and equipment for automotive repair. If you want a piece of Heil, you’ll have to buy shares of Dover Corp., the Illinois-based mini-conglomerate that bought into the garbage truck business in 1993. Workers at its factory in Fort Payne, Alabama, weld several tons of steel and machinery atop truck chassis and roll out the customized pieces of heavy-duty compacting and carting equipment to trash haulers around the world. Heil Environmental Industries has been one of the world’s largest makers of specialized sanitation vehicles since 1901.
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Illustration by PATRICK WELSH FOR FORBES HOW TO PLAY ITīy John Dobosz Wagering on society to keep churning out trash seems a safe bet-and unless we revert to tossing our refuse into the streets, garbage trucks have a secure future.
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