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Casella Waste Systems, Inc. Highlights Investments in its People, Recycling Infrastructure, and Communities in 2024 Sustainability Report
Globe Newswire 24-Sep-2024 8:00 AM
RUTLAND, Vt., Sept. 24, 2024 (GLOBE NEWSWIRE) -- Casella Waste Systems, Inc. (NASDAQ:CWST) ("Casella," "The Company") published its 2024 Sustainability Report today, outlining its progress toward five key sustainability metrics, while highlighting significant achievements in several areas since its last report was issued in 2022.
"With this year's report, we are pleased to highlight several areas of achievement, and exceedingly proud that our commitment to our team continues to shine through in several areas of reporting," said Casella Chairman and Chief Executive Officer, John W. Casella. "The investments we have made in our people, infrastructure, and logistics have had a positive impact on the sustainability and strength of our business, while also benefiting our customers and the communities we serve."
The Casella team has grown by more than 32% since 2022 and is approaching 5,000 total employees. Even with its growth, the company reported continued improvement in its safety performance, with its total recordable incident rate (TRIR) dropping nearly 20% in 2023. A key contributor to improving safety performance has been the company's success in filling vacancies and maintaining near-full staffing levels, buoyed by the more than 300 drivers and technicians who have successfully trained at the company's Kenneth A. Hier Sr. CDL Training Center with a focus on safety, service, and commitment to excellence.
To ensure that the company's commitment to safety is felt from the front line to the back office, Casella enhanced its annual incentive compensation plans so all bonus plans include a goal to improve safety and reduce turnover year over year. "Safety is critically important to our success, and it is imperative that everyone shares in the commitment to achieving this goal," Casella said.
Another milestone in the report was the announcement of the successful achievement of Casella's community giving goal, well ahead of the 2030 timeline, as the company contributed more than $2.2 million in charitable donations, local sponsorships, and in-kind services. With the achievement comes the establishment of the Casella Foundation to support qualified non-profit charitable organizations demonstrating community impact in environmental and natural resource conservation, and the company's announcement of a focus on employee volunteering for its next community engagement goal.
"We believe that investing in the communities where we operate, beyond the services we provide, is paramount to building and nurturing sustainable communities for the long term," Casella said. "Through continued contributions and volunteer services we are able to play a vital role in creating and sharing value throughout our operations."
"We estimate that for every ton of greenhouse gas we emitted through our operations, we helped prevent more than five tons of greenhouse gas emissions elsewhere in the economy through our recycling, renewable energy, and carbon sequestration services," Casella said. "This accomplishment reflects our focus on simultaneously reducing our emissions and growing our emission-reducing services. We expect progress will continue as we work to advance renewable natural gas infrastructure and make further upgrades to recycling infrastructure."
Continued investments in infrastructure, innovation, and education have the company positioned to achieve its materials management goal of recycling more than 2 million tons in 2030. The demand for recycled content continues to grow as manufacturers seek to meet their respective recycled content and circularity goals, and Casella is positioned to meet those demands.
"Since 2019, we have increased amount of material we recycle by more than 36%, representing nearly 400,000 tons recyclables being put to a higher and better use," Casella said. "In 2023, we completed a full retrofit of our largest recycling facility, while adding new facilities in New York and Pennsylvania through acquisition. Further investments in the critical infrastructure required to help achieve our materials management goals are scheduled to occur in Connecticut and Pennsylvania, positioning us to see tonnage growth in 2024 and beyond."
The cumulative benefits of Casella's investments in these core areas have led to the company's recognition on Time Magazine's America's Best Midsized Companies 2024 list, which recognizes U.S. companies that generated between $100 million and $10 billion in revenue and have excelled in the areas of employee satisfaction, revenue growth, and sustainability transparency based on 15 different criteria measurements.
Casella Waste Systems, Inc., headquartered in Rutland, Vermont, provides resource management expertise and services to residential, commercial, municipal, institutional, and industrial customers, primarily in the areas of solid waste collection and disposal, transfer, recycling, and organics services in the eastern United States. For further information, investors may contact Charlie Wohlhuter, Director of Investor Relations at (802) 772-2230; media may contact Jeff Weld, Vice President of Communications at (802) 772-2234; or visit the Company's website at http://www.casella.com.
Investors:
Charlie Wohlhuter Director of Investor Relations (802) 772-2230
Media:
Jeff Weld Vice President of Communications (802) 772-2234 www.casella.com
Safe Harbor Statement
Certain matters discussed in this report, including, but not limited to, the statements regarding the Company's intentions, beliefs or current expectations concerning its sustainability goals and commitments and anticipated actions to meet such goals and commitments, and the Company's progress towards, and achievement of, its sustainability strategy and vision, are "forward looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such by the context of the statements, including but not limited to words such as "believe," "expect," "anticipate," "plan," "may," "would," "intend," "estimate," "will," "guidance" and other similar expressions, whether in the negative or affirmative. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which the Company operates and management's beliefs and assumptions. The Company cannot provide assurance that it actually will achieve the plans, intentions, expectations or guidance disclosed in the forward-looking statements made. Such forward-looking statements, and all phases of the Company's operations, involve a number of risks and uncertainties, any one or more of which could cause actual results to differ materially from those described in its forward-looking statements. Such risks and uncertainties include or relate to, among other things, the following: the ability to improve the Company's safety performance; the ability to increase the amount of recyclables processed or other resources managed; the impact of changes to, or new, statutory, regulatory and legal requirements; the ability to improve the Company's fuel efficiency; the ability to further reduce the Company's carbon footprint; and the amount of the Company's giving in its communities. There are a number of other important risks and uncertainties that could cause the Company's actual results to differ materially from those indicated by such forward-looking statements. These additional risks and uncertainties include, without limitation, those detailed in Item 1A, "Risk Factors" in the Company's Form 10-K for the fiscal year ended December 31, 2021 and in the Company's Form 10-Q for the quarterly period ended June 30, 2022, and in other filings that the Company may make with the Securities and Exchange Commission in the future. The Company undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
