HI RISE RECYCLING SYSTEMS INC

HI RISE RECYCLING SYSTEMS INC

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Company Overview
Hi-Rise Recycling Systems, Inc., with registered head office located in Miami, Florida, is engaged in the manufacture, distribution and marketing of recycling and other solid waste handling equipment. The company’s Solid Waste Equipment Division designs and sells a variety of waste containers, compactors, balers, container hoists, waste container tarps and other related products. Its Architecturally Specified Division designs and sells proprietary recycling systems and architecturally specified products, such as trash and laundry chutes, as well as products, such as corner guards, kick and push plates, hold rails and bumper rail systems, which are commonly used in waste handling environments. Hi-Rise Recycling Systems was incorporated as Recycling Systems, Inc. in May 1990. It changed its name in March 1992.
Business Summary
Hi-Rise Recycling Systems, Inc. manufactures, distributes, markets and sells recycling and other solid waste handling equipment. Hi-Rise has two primary divisions, the Solid Waste Equipment Division and the Architecturally Specified Division. The Solid Waste Division designs, manufactures and markets a variety of waste containers, compactors, balers, container hoists, waste container tarps and other related products. The Architectural Division designs, manufactures and sells proprietary recycling systems and architecturally specified products, such as trash and laundry chutes, as well as products, such as corner guards, kick and push plates, hold rails and bumper rail systems, which are commonly used in waste handling environments. In January 2002, the Company sold its Architectural Division, excluding the Canadian operations, to Wilkinson-Hi-Rise, LLC. In February 2002, the Company filed a voluntary petition for reorganization under Chapter 11 of the United States Bankruptcy Code.
Description and history
Hi-Rise Recycling Systems, Inc., incorporated in May 1990, is primarily engaged in manufacturing, distributing, marketing and selling recycling and other solid waste handling equipment. Hi-Rise has two primary divisions, the Solid Waste Equipment Division and the Architecturally Specified Division. The Solid Waste Division designs, manufactures and markets a wide variety of waste containers, compactors, balers, container hoists, waste container tarps and other related products. The Architectural Division designs, manufactures and sells proprietary recycling systems and architecturally specified products, such as trash and laundry chutes, as well as products, such as corner guards, kick and push plates, hold rails and bumper rail systems, which are commonly used in waste handling environments. In January 2002, the Company sold its Architectural Division, excluding the Canadian operations, to Wilkinson-Hi-Rise, LLC. In February 2002, the Company filed a voluntary petition for reorganization under Chapter 11 of the United States Bankruptcy Code.

The Company’s Hi-Rise System, which is marketed under the Hi-Rise Recycling System name, is easily adapted to and takes advantage of the efficiency and convenience of a multi-story building’s existing waste disposal chute, or is designed into newly constructed buildings, permitting residents to conveniently dispose of, without commingling, a variety of recyclable waste including glass, metal, newspaper and plastic, plus garbage. The Company also manufactures the Hi-Rise Trisorter System, an alternate version of the Hi-Rise System. The Hi-Rise Trisorter System combines the Hi-Rise System floor panels with a chute extension that directs waste into one of three separate bins for garbage, paper or commingled recyclables, instead of the six-section carousel.

Solid Waste Division

The Solid Waste Division offers a diversified line of products and systems, including a variety of metal containers used for the collection of waste material and recyclables, balers and compactors used for the processing of waste materials and intermodal and roll-off containers, transfer trailers, roll-off hoists, tarps, vacuum units and other specialized equipment used for the collection and transportation of solid, liquid and low-risk hazardous waste materials. Waste containers are available in a number of sizes and are primarily constructed from heavy-duty steel. In addition to waste containers, the Solid Waste Division also sells trash compaction systems, balers and hoppers and specialized equipment for use with waste handling trucks. The Solid Waste Division also manufactures trash compaction systems that are available in a number of models designed primarily for use in multi-story buildings and commercial establishments. During the years ended December 31, 2000, 1999 and 1998, sales of products by the Solid Waste Division accounted for approximately 82%, 76% and 59%, respectively, of the Company’s revenues.

Architectural Products

Wilkinson Company, Inc. sells, manufactures, markets and installs sheet-metal fabrication products, consisting primarily of laundry and rubbish chutes, as well as construction products such as corner guards, kick and push plates, handrails and bumper rail systems. Wilkinson also offers a line of recycling bins. Wilkinson’s laundry and rubbish chutes are available with various types of doors, including a door integrated with the Hi-Rise System control panel, and are custom-designed to meet a building’s specifications. Construction products and recycling bins are generally available either custom-designed or from stock. In addition, Wilkinson provides other sheet-metal fabrication products, consisting of components custom-designed to customers’ specifications that are utilized by the customers in the manufacture of their products. Wilkinson also sells replacement parts for its principal products. During the years ended December 31, 2000, 1999 and 1998, sales of Wilkinson’s products accounted for approximately 7%, 9% and 16%, respectively, of the Company’s revenues.

IDC Systems, Inc. offers a line of trash compaction systems designed primarily for use in multi-story buildings. IDC Systems’ product line includes six principal models. During the years ended December 31, 2000, 1999 and 1998, sales of trash compaction systems accounted for approximately 4%, 5% and 7%, respectively, of the Company’s revenues.

Acme Chute Company manufactures, markets, sells and installs sheet-metal fabrication products in Florida, consisting primarily of trash and laundry chutes and storage lockers. During the years, ended December 31, 2000, 1999 and 1998, sales of Acme’s products accounted for approximately 4%, 4% and less than 1%, respectively, of the Company’s revenues.

Hesco Sales, Inc., Bes-Pac, Inc., DeVivo Industries, Inc. and American Gooseneck, Inc., all Company subsidiaries, compete with a number of national and regional manufacturers and distributors of solid waste handling equipment, including Marathon, McClain/EZ Pack and Waste Quip.

Incorporated as Recycling Systems, Inc.

Business Line
Engaged in the manufacture, distribution and marketing of recycling and other solid waste handling equipment
Subsidiary

Advisor
PRICEWATERHOUSECOOPERS LLP
IPO date
7/1993
US SIC Code
3559
Company Address
8505, NW 74th Street

City province or state postal code
33166, MIAMI, FL
Phone: +1 305 597 0243
Fax: +1 305 625 4666
Country address: UNITED STATES OF AMERICA
Website url: www.hiri.com