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Waste Management, the nation's largest trash hauler, said Wednesday that it purchased a majority stake in organic lawn and products maker Garick LLC in order to expand its organic recycling business.
Financial terms of the deal were not disclosed.
Garick's operations will add over one million tons of processing capacity as well as commercial and consumer organic products to Waste Management's organics recycling business.
Waste Management Inc., based in Houston, has been working on boosting its organic efforts since last year when it made an investment in Terrabon. The company also made an investment in Harvest Power in January.
Waste Management's stock gained $1.04, or 3.1 percent, to $34.13 in afternoon trading. Over the last year, the shares have traded between $28.28 and $35.99.