Waste Management, Inc. (WM) has acquired Metro Waste Disposal, a solid waste services company. Metro Waste Disposal, which primarily serves commercial and industrial customers in the Cleveland, Akron and Canton areas, will further strengthen Waste Management’s presence in Northern Ohio.

Management said that initially, Metro Waste’s operations will be combined with Waste Management’s network of Ohio service locations. The company did not disclose the financial terms of the deal.

Waste Management continues to make acquisitions regularly to expand its service offerings and strengthen its market presence. The company closed $82 million in acquisitions during the third quarter. These acquisitions were primarily in its collection line of business and the company expects them to add $53 million of annualized revenues. In total, the company spent $127 million in acquisitions in the first three quarters of 2009.

The company’s ability to generate strong cash flows enables it to invest in growth opportunities. Waste Management generated free cash flow of $839 million in the first nine months of 2009 and targets $1.3 billion for the full year.

Apart from acquisitions, the company uses its cash flow to pay dividends and repurchase shares. It recently announced its plans to increase its dividend by 8.6%. Also, the company resumed its share repurchase program in the third quarter and repurchased $65 million of stock during the quarter.

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