Wastequip Inc has completed its purchase of certain assets of Hi-Rise Recycling Companies Inc. It plans to continue operations at the Hi-Rise facility in Phoenix AZ (AG Products) and the Hi-Rise facility in southern Florida (Hesco). The acquisition was completed pursuant to Section 363 of the Federal Bankruptcy Code, and the sale was approved by the United States Bankruptcy Court in Canton OH. 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,” said Bob Rasmussen, president and chief executive officer 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.”