Waste management firm founded in 1955
Royal Carting, a waste management firm based in Hopewell Junction that contracts with Cold Spring, Nelsonville and Beacon and serves Philipstown, will be sold to a Vermont company.
Casella Waste Systems expects to close the deal by the end of the year, according to a Sept. 9 news release. The sale will include two solid waste collection operations and two transfer stations in the Hudson Valley and western Connecticut.
Royal was founded in 1955 by Emil Panichi, who began with a single truck; he collected the cans while his lone employee drove. Today Royal Carting and its sister company, Welsh Sanitation, employ about 200 people. Panichi said Carella had agreed to retain the workforce.
Casella announced Sept. 18 that it will make a public offering of 4.5 million shares of stock at $100 per share to raise $450 million to purchase Royal and pay down debt. Casella said it expects Royal to generate $90 million in annual revenue.
