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Toggle Diversified interests subsection </button> <ul id="toc-Diversified_interests-sublist" class="vector-toc-list"> <li id="toc-Manufacturing" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Manufacturing"> <div class="vector-toc-text"> 2.1 Manufacturing </div> </a> <ul id="toc-Manufacturing-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Foods" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Foods"> <div class="vector-toc-text"> 2.2 Foods </div> </a> <ul id="toc-Foods-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Real_estate_development" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Real_estate_development"> <div class="vector-toc-text"> 2.3 Real estate development </div> </a> <ul id="toc-Real_estate_development-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Maritime_transportation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Maritime_transportation"> <div class="vector-toc-text"> 2.4 Maritime transportation </div> </a> <ul id="toc-Maritime_transportation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Horse_and_greyhound_racing" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Horse_and_greyhound_racing"> <div class="vector-toc-text"> 2.5 Horse and greyhound racing </div> </a> <ul id="toc-Horse_and_greyhound_racing-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Shift_from_manufacturing_to_services" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Shift_from_manufacturing_to_services"> <div class="vector-toc-text"> 3 Shift from manufacturing to services </div> </a> <ul id="toc-Shift_from_manufacturing_to_services-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Ogden_Entertainment" class="vector-toc-list-item vector-toc-level-1 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data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">For the French media company, see <a href="/wiki/Reworld_Media" title="Reworld Media">Reworld Media</a>.</div> <style data-mw-deduplicate="TemplateStyles:r1257001546">.mw-parser-output .infobox-subbox{padding:0;border:none;margin:-3px;width:auto;min-width:100%;font-size:100%;clear:none;float:none;background-color:transparent}.mw-parser-output .infobox-3cols-child{margin:auto}.mw-parser-output .infobox .navbar{font-size:100%}@media screen{html.skin-theme-clientpref-night .mw-parser-output .infobox-full-data:not(.notheme)>div:not(.notheme)[style]{background:#1f1f23!important;color:#f8f9fa}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .infobox-full-data:not(.notheme) div:not(.notheme){background:#1f1f23!important;color:#f8f9fa}}@media(min-width:640px){body.skin--responsive .mw-parser-output .infobox-table{display:table!important}body.skin--responsive .mw-parser-output .infobox-table>caption{display:table-caption!important}body.skin--responsive .mw-parser-output .infobox-table>tbody{display:table-row-group}body.skin--responsive .mw-parser-output .infobox-table tr{display:table-row!important}body.skin--responsive .mw-parser-output .infobox-table th,body.skin--responsive .mw-parser-output .infobox-table td{padding-left:inherit;padding-right:inherit}}</style><style data-mw-deduplicate="TemplateStyles:r1242257876">.mw-parser-output .ib-company .infobox-label{padding-right:0.5em}.mw-parser-output .ib-company .infobox-data,.mw-parser-output .ib-company .infobox-below{line-height:1.35em}.mw-parser-output .ib-company-logo img{background-color:#f8f9fa}.mw-parser-output .ib-company-locality,.mw-parser-output .ib-company-country{display:inline}</style><table class="infobox ib-company vcard"><caption class="infobox-title fn org">Reworld Holding Corporation</caption><tbody><tr><td colspan="2" class="infobox-image ib-company-logo logo"><a href="/wiki/File:Reworld_logo.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/3/3f/Reworld_logo.png" decoding="async" width="200" height="70" class="mw-file-element" data-file-width="200" data-file-height="70" /></a></td></tr><tr><th scope="row" class="infobox-label">Company type</th><td class="infobox-data category"><a href="/wiki/Private_company" class="mw-redirect" title="Private company">Private company</a></td></tr><tr><th scope="row" class="infobox-label">Industry</th><td class="infobox-data category"><a href="/wiki/Renewable_Energy" class="mw-redirect" title="Renewable Energy">Renewable Energy</a>/<a href="/wiki/Waste_Management" class="mw-redirect" title="Waste Management">Waste Management</a></td></tr><tr><th scope="row" class="infobox-label">Headquarters</th><td class="infobox-data label"><a href="/wiki/Morristown,_New_Jersey" title="Morristown, New Jersey">Morristown, New Jersey</a></td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Key people</div></th><td class="infobox-data agent">Azeez Mohammed, President and Chief Executive Officer<a href="#cite_note-1">[1]</a></td></tr><tr><th scope="row" class="infobox-label">Revenue</th><td class="infobox-data">$1,868.0 million (2018)<a href="#cite_note-SEC.gov_2019-2">[2]</a></td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Earnings_before_interest_and_taxes" title="Earnings before interest and taxes">Operating income</a></div></th><td class="infobox-data">$63.0 million (2018)<a href="#cite_note-SEC.gov_2019-2">[2]</a></td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Net_income" title="Net income">Net income</a></div></th><td class="infobox-data">$152.0 million (2018)<a href="#cite_note-SEC.gov_2019-2">[2]</a></td></tr><tr><th scope="row" class="infobox-label"><a href="/wiki/Asset" title="Asset">Total assets</a></th><td class="infobox-data">$3,843 million (2018)<a href="#cite_note-SEC.gov_2019-2">[2]</a></td></tr><tr><th scope="row" class="infobox-label"><a href="/wiki/Equity_(finance)" title="Equity (finance)">Total equity</a></th><td class="infobox-data">$487.0 million (2018)<a href="#cite_note-SEC.gov_2019-2">[2]</a></td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Number of employees</div></th><td class="infobox-data">~4,000 (2018)<a href="#cite_note-SEC.gov_2019-2">[2]</a></td></tr><tr><th scope="row" class="infobox-label">Website</th><td class="infobox-data"><a rel="nofollow" class="external text" href="http://www.reworldwaste.com">www.reworldwaste.com</a></td></tr></tbody></table> Reworld, formerly Covanta (legal name; Reworld Holding Corporation), is a private <a href="/wiki/Energy-from-waste" class="mw-redirect" title="Energy-from-waste">energy-from-waste</a> and industrial waste management services company headquartered in <a href="/wiki/Morristown,_New_Jersey" title="Morristown, New Jersey">Morristown, New Jersey</a>. Most of its revenue comes from operating <a href="/wiki/Incineration" title="Incineration">incineration</a> facilities that serve a secondary purpose as power plants that burn trash as fuel. Reworld charges a fee for waste disposal and sells the electricity and metal slag produced from waste incineration. Reworld was founded in 1939 as the Ogden Corporation. After starting as a public utility <a href="/wiki/Holding_company" title="Holding company">holding company</a> it became a diverse <a href="/wiki/Conglomerate_(company)" title="Conglomerate (company)">conglomerate</a> which had holdings in manufacturing, <a href="/wiki/Horse_racing" title="Horse racing">horse</a> and <a href="/wiki/Greyhound_racing_in_the_United_States" title="Greyhound racing in the United States">greyhound racing</a>, real estate, food, maritime transportation, arena management, and entertainment until its 2001 restructuring into a strictly energy business. <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Early_history">Early history</h2>[<a href="/w/index.php?title=Reworld&action=edit&section=1" title="Edit section: Early history">edit</a>]</div> In 1939, Ogden Corporation was founded as a successor to Utilities Power and Light, a <a href="/wiki/Chicago" title="Chicago">Chicago</a>-based utilities holding company that had been under a court-ordered trusteeship since 1937.<a href="#cite_note-3">[3]</a><a href="#cite_note-4">[4]</a> Its subsidiaries included the <a href="/wiki/Laclede_Gas_Company" title="Laclede Gas Company">Laclede Gas Company</a>, Interstate Power Company, Missouri Natural Gas Company, Missouri Electric Power Company, Central State Utilities Corporation, and Central States Power and Light Corporation.<a href="#cite_note-5">[5]</a> The <a href="/wiki/Atlas_Corporation" title="Atlas Corporation">Atlas Corporation</a> controlled the Ogden Corporation from its founding until it was sold to <a href="/wiki/Allen_%26_Company" title="Allen & Company">the Allen family</a> in 1951.<a href="#cite_note-6">[6]</a><a href="#cite_note-7">[7]</a> Benjamin G. Brewster, general auditor for the Atlas Corporation, served as Ogden's first president. He was succeeded by <a href="/wiki/Maurice_L._Sindeband" title="Maurice L. Sindeband">Maurice L. Sindeband</a>. As part of the reorganization of the Utilities Power and Light, Ogden was obligated to divest its utility interests so that it would comply with the <a href="/wiki/Public_Utility_Holding_Company_Act_of_1935" title="Public Utility Holding Company Act of 1935">Public Utility Holding Company Act of 1935</a>. By 1948, Ogden's only remaining utility holding was the Interstate Power Company.<a href="#cite_note-8">[8]</a> <div class="mw-heading mw-heading2"><h2 id="Diversified_interests">Diversified interests</h2>[<a href="/w/index.php?title=Reworld&action=edit&section=2" title="Edit section: Diversified interests">edit</a>]</div> <div class="mw-heading mw-heading3"><h3 id="Manufacturing">Manufacturing</h3>[<a href="/w/index.php?title=Reworld&action=edit&section=3" title="Edit section: Manufacturing">edit</a>]</div> In 1953, Ogden entered the manufacturing field when it acquired <a href="/wiki/W._A._Case_%26_Son_Manufacturing_Company" class="mw-redirect" title="W. A. Case & Son Manufacturing Company">W. A. Case & Son Manufacturing Company</a>, a manufacturer and distributor of plumbing and heating supplies, from Allen & Company.<a href="#cite_note-9">[9]</a> That same year the company purchased <a href="/wiki/Teleregister" class="mw-redirect" title="Teleregister">Teleregister</a> from <a href="/wiki/Western_Union" title="Western Union">Western Union</a>.<a href="#cite_note-10">[10]</a> In 1955, Ogden purchased Commercial Filters Corporation, an electronics and plumbing firm, and Luria Brothers & Co., an iron and steel scrap business.<a href="#cite_note-11">[11]</a><a href="#cite_note-12">[12]</a> In 1957 the company purchased the Eimco Corporation and the American Foundry & Machine Company of <a href="/wiki/Salt_Lake_City" title="Salt Lake City">Salt Lake City</a>. Eimco manufactured filtration equipment and American Foundry & Machine made iron and steel castings.<a href="#cite_note-13">[13]</a> In 1959, Ogden acquired Avondale Marine Ways Inc., a <a href="/wiki/New_Orleans" title="New Orleans">New Orleans</a> shipbuilding company.<a href="#cite_note-14">[14]</a> In 1962, former Luria Brothers president Ralph E. Ablon became president and chairman of Ogden.<a href="#cite_note-The_New_York_Times_1986-15">[15]</a> <div class="mw-heading mw-heading3"><h3 id="Foods">Foods</h3>[<a href="/w/index.php?title=Reworld&action=edit&section=4" title="Edit section: Foods">edit</a>]</div> In 1966, Ogden acquired Tillie Lewis Foods, a California-based fruit and vegetable canner. <a href="/wiki/Tillie_Lewis" title="Tillie Lewis">Tillie Lewis</a> was appointed to Ogden's board of directors, becoming the company's first female director.<a href="#cite_note-16">[16]</a> The following year, Ogden entered the frozen food business when it purchased Prosser Packers of <a href="/wiki/Prosser,_Washington" title="Prosser, Washington">Prosser, Washington</a>.<a href="#cite_note-17">[17]</a> That same year it purchased ABC Consolidated, a food and refreshment firm that owned cafeterias, restaurants, snack bars, and the <a href="/wiki/Nedick%27s" title="Nedick's">Nedick's</a> fast food chain.<a href="#cite_note-18">[18]</a> Ogden's food division became one of the three biggest arena concession vendors in the United States.<a href="#cite_note-19">[19]</a> In 1968, Ogden purchased Mack Brothers, a company that manufactured frozen meats for airlines.<a href="#cite_note-20">[20]</a> In 1979, Ogden bought <a href="/wiki/Progresso" title="Progresso">Progresso</a> for $35 million.<a href="#cite_note-21">[21]</a> In 1986 Ogden Foods was sold to <a href="/wiki/Pet,_Inc." title="Pet, Inc.">Pet, Inc.</a> for $320 million.<a href="#cite_note-22">[22]</a> <div class="mw-heading mw-heading3"><h3 id="Real_estate_development">Real estate development</h3>[<a href="/w/index.php?title=Reworld&action=edit&section=5" title="Edit section: Real estate development">edit</a>]</div> In 1968, Ogden formed the Ogden Development Corporation after it purchased <a href="/wiki/Charles_Luckman" title="Charles Luckman">Charles Luckman</a> Associates, a real estate, engineering, and architectural firm. Luckman was named president of Ogden Development.<a href="#cite_note-23">[23]</a> <div class="mw-heading mw-heading3"><h3 id="Maritime_transportation">Maritime transportation</h3>[<a href="/w/index.php?title=Reworld&action=edit&section=6" title="Edit section: Maritime transportation">edit</a>]</div> In 1968, Ogden acquired <a href="/wiki/Paul_Soros" title="Paul Soros">Soros Associates</a>, which designed and developed bulk handling and port facilities.<a href="#cite_note-24">[24]</a> That same year it purchased Bulk Transport Inc., which operated 18 bulk carriers.<a href="#cite_note-25">[25]</a> In 1979 Ogden purchased two 37,800-ton tankers from United Tanker Corporation for $31 million.<a href="#cite_note-26">[26]</a> <div class="mw-heading mw-heading3"><h3 id="Horse_and_greyhound_racing">Horse and greyhound racing</h3>[<a href="/w/index.php?title=Reworld&action=edit&section=7" title="Edit section: Horse and greyhound racing">edit</a>]</div> In 1969, Odgen purchased <a href="/wiki/James_F._Edwards" title="James F. Edwards">Edwards Enterprises</a>, which owned <a href="/wiki/Mountaineer_Casino,_Racetrack_and_Resort" title="Mountaineer Casino, Racetrack and Resort">Waterford Park</a>, <a href="/wiki/Scarborough_Downs" title="Scarborough Downs">Scarborough Downs</a>, <a href="/wiki/Fairmount_Park_Racetrack" title="Fairmount Park Racetrack">Fairmount Park</a>, and <a href="/wiki/Wheeling_Island_Hotel-Casino-Racetrack" title="Wheeling Island Hotel-Casino-Racetrack">Wheeling Downs</a>.<a href="#cite_note-27">[27]</a> In 1972 the company purchased <a href="/wiki/Suffolk_Downs" title="Suffolk Downs">Suffolk Downs</a>.<a href="#cite_note-28">[28]</a> In 1972, Odgen introduced <a href="/wiki/Greyhound_racing" title="Greyhound racing">greyhound racing</a> at Wheeling Downs. Ogden Recreation formed a security subsidiary, Ogden Security, which was headed by former Boston Police Commissioner <a href="/wiki/Edmund_McNamara" title="Edmund McNamara">Edmund McNamara</a>.<a href="#cite_note-29">[29]</a> <div class="mw-heading mw-heading2"><h2 id="Shift_from_manufacturing_to_services">Shift from manufacturing to services</h2>[<a href="/w/index.php?title=Reworld&action=edit&section=8" title="Edit section: Shift from manufacturing to services">edit</a>]</div> In the 1980s, Ogden shifted from primarily a manufacturing business to a services company.<a href="#cite_note-The_New_York_Times_1986-15">[15]</a> Its first investment in the services industry was the $118 million acquisition of Allied Maintenance Corporation in 1982.<a href="#cite_note-The_New_York_Times_1986-15">[15]</a> Ogden undertook 19 acquisitions and mergers between 1983 and 1991.<a href="#cite_note-Washington_Post_1991-30">[30]</a> In 1986 Suffolk Downs was sold to <a href="/wiki/Buddy_LeRoux" title="Buddy LeRoux">Buddy LeRoux</a>.<a href="#cite_note-31">[31]</a> By 1987, substantially all of Ogden's revenues were from services it didn't previously provide, like warehousing, running concession stands at stadiums, and janitorial services.<a href="#cite_note-”Barrons1988”-32">[32]</a> In 1990, Ralph E. Ablon was succeeded as president and CEO by his son Richard.<a href="#cite_note-international-33">[33]</a> In 1991, it acquired a professional services company called ERC Environmental and Energy Services for $80 million.<a href="#cite_note-Washington_Post_1991-30">[30]</a> <div class="mw-heading mw-heading2"><h2 id="Ogden_Entertainment">Ogden Entertainment</h2>[<a href="/w/index.php?title=Reworld&action=edit&section=9" title="Edit section: Ogden Entertainment">edit</a>]</div> Ogden's entertainment division provided concession, merchandise, maintenance, cleaning, security, parking, and facility management services as well as concert promotions. Its clients included the <a href="/wiki/Capital_Centre_(Landover,_Maryland)" title="Capital Centre (Landover, Maryland)">Capital Centre</a>, <a href="/wiki/Allstate_Arena" title="Allstate Arena">Rosemont Horizon</a>, <a href="/wiki/Palacio_de_los_Deportes" title="Palacio de los Deportes">Palacio de los Deportes</a>, <a href="/wiki/Target_Center" title="Target Center">Target Center</a>, <a href="/wiki/Honda_Center" title="Honda Center">Anaheim Arena</a>, <a href="/wiki/Angel_Stadium" title="Angel Stadium">Anaheim Stadium</a>, and <a href="/wiki/Highmark_Stadium_(New_York)" title="Highmark Stadium (New York)">Rich Stadium</a>.<a href="#cite_note-34">[34]</a><a href="#cite_note-35">[35]</a><a href="#cite_note-36">[36]</a> Ogden was a major investor as well as the manager of the <a href="/wiki/Corel_Centre" class="mw-redirect" title="Corel Centre">Corel Centre</a> in <a href="/wiki/Ottawa" title="Ottawa">Ottawa</a>.<a href="#cite_note-37">[37]</a> In 1994, Ogden purchased <a href="/wiki/Phoenix_Park_Racecourse" title="Phoenix Park Racecourse">Phoenix Park Racecourse</a> in <a href="/wiki/Dublin" title="Dublin">Dublin</a>. The company planned on constructing a 2,500-seat conference center, a 65,000-seat stadium, a 12,000-seat indoor arena, and a hotel/casino on the site of the abandoned horse track, however, lack of support led to Ogden selling the property in 1998.<a href="#cite_note-38">[38]</a> Ogden Entertainment produced <a href="/wiki/Victor/Victoria_(1995_film)" title="Victor/Victoria (1995 film)">Victor/Victoria</a>, <a href="/wiki/The_Old_Man_and_the_Sea_(1999_film)" title="The Old Man and the Sea (1999 film)">The Old Man and the Sea</a>, <a href="/wiki/Amazon_(1997_film)" title="Amazon (1997 film)">Amazon</a>, and <a href="/wiki/Mark_Twain%27s_America" title="Mark Twain's America">Mark Twain's America</a>.<a href="#cite_note-39">[39]</a> In 1998, Ogden began construction on <a href="/wiki/Six_Flags_New_Orleans" title="Six Flags New Orleans">Jazzland</a>, a 140-acre theme park located in New Orleans.<a href="#cite_note-40">[40]</a> In 1999, it acquired several water parks, including <a href="/wiki/Wet%27n%27Wild_(brand)" title="Wet'n'Wild (brand)">Wet'n Wild Inc.</a><a href="#cite_note-international-33">[33]</a> <div class="mw-heading mw-heading2"><h2 id="Beginnings_in_energy-from-waste">Beginnings in energy-from-waste</h2>[<a href="/w/index.php?title=Reworld&action=edit&section=10" title="Edit section: Beginnings in energy-from-waste">edit</a>]</div> Ogden entered the energy-from-waste business in 1983, when it acquired intellectual property rights to the Martin GmbH incinerator technology commonly used in Europe, as well as a method of hazardous waste disposal.<a href="#cite_note-”Barrons1988”-32">[32]</a><a href="#cite_note-jersey-41">[41]</a> The company formed Ogden Martin Systems as a subsidiary for its energy-from-waste business.<a href="#cite_note-42">[42]</a> By 1986, Ogden had five energy-from-waste plants under construction and agreements in place to build four more.<a href="#cite_note-The_New_York_Times_1986-15">[15]</a> In 1993, Ogden subsidiary Ogden Projects, Inc. acquired <a href="/wiki/ABB" title="ABB">ABB</a>’s energy-from-waste business. This increased Ogden's energy-from-waste business from 21 plants with a capacity of 20,675 tons-per-day to 24 plants with a capacity of 28,135 tons-per-day.<a href="#cite_note-43">[43]</a> <div class="mw-heading mw-heading2"><h2 id="Sale_of_non-energy_assets">Sale of non-energy assets</h2>[<a href="/w/index.php?title=Reworld&action=edit&section=11" title="Edit section: Sale of non-energy assets">edit</a>]</div> By 1995, half of Ogden's revenues were from energy-from-waste projects.<a href="#cite_note-rest-44">[44]</a> That year, Ogden was restructured into three divisions: aviation, energy, and entertainment.<a href="#cite_note-rest-44">[44]</a> In December 1995, Ogden sold its bioservices unit to the <a href="/wiki/McKesson_Corporation" title="McKesson Corporation">McKesson Corporation</a>.<a href="#cite_note-45">[45]</a> In 1997 it sold its building-maintenance and engineering-services operations in <a href="/wiki/New_York_City" title="New York City">New York City</a> to <a href="/wiki/ABM_Industries" title="ABM Industries">ABM Industries</a>.<a href="#cite_note-46">[46]</a> In 1998 Ogden sold its aviation catering business to SC International Services, an <a href="/wiki/Onex_Corporation" title="Onex Corporation">Onex Corporation</a> subsidiary that also owned SkyChefs and <a href="/wiki/Caterair" title="Caterair">Caterair</a>.<a href="#cite_note-47">[47]</a> In 1999, Richard Ablon resigned as CEO. He was replaced by Scott Mackin.<a href="#cite_note-change-48">[48]</a> Mackin sought to sell off all of Ogden's non-energy assets.<a href="#cite_note-49">[49]</a> In 2000 the company sold its theme and water parks to Alfa Holdings for $148 million, its concessions, food, uniform, and child-care interests to <a href="/wiki/Aramark" title="Aramark">Aramark</a> for $225 million, its aviation ground services company to <a href="/wiki/John_Menzies" class="mw-redirect" title="John Menzies">John Menzies</a> for $117.8 Million, and its <a href="/wiki/Fixed-base_operator" title="Fixed-base operator">fixed-base operator</a> business to Consolidated Lamda Holdings for $27 million.<a href="#cite_note-The_New_York_Times_2000-50">[50]</a><a href="#cite_note-51">[51]</a><a href="#cite_note-52">[52]</a> <div class="mw-heading mw-heading2"><h2 id="Covanta">Covanta</h2>[<a href="/w/index.php?title=Reworld&action=edit&section=12" title="Edit section: Covanta">edit</a>]</div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Covanta_Logo.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fe/Covanta_Logo.png/220px-Covanta_Logo.png" decoding="async" width="220" height="69" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fe/Covanta_Logo.png/330px-Covanta_Logo.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fe/Covanta_Logo.png/440px-Covanta_Logo.png 2x" data-file-width="1758" data-file-height="550" /></a><figcaption>Covanta logo</figcaption></figure> In 2001, Ogden's name was changed to Covanta, a <a href="/wiki/Portmanteau" class="mw-redirect" title="Portmanteau">portmanteau</a> of cooperation and advantages, to represent its focus on energy.<a href="#cite_note-53">[53]</a><a href="#cite_note-Virginian-Pilot_2006-54">[54]</a><a href="#cite_note-Los_Angeles_Times_2002-55">[55]</a><a href="#cite_note-Barrons2010-56">[56]</a> Covanta and its 155 subsidiaries filed for bankruptcy in 2002.<a href="#cite_note-Virginian-Pilot_2006-54">[54]</a> The bankruptcy was prompted by the <a href="/wiki/California_electricity_crisis" class="mw-redirect" title="California electricity crisis">California electricity crisis</a> and the economic downturn following the <a href="/wiki/September_11_attacks" title="September 11 attacks">September 11 attacks</a>.<a href="#cite_note-Virginian-Pilot_2006-54">[54]</a> In 2004, Anthony Orlando was appointed CEO.<a href="#cite_note-Calia_2015-57">[57]</a> That same year, 20 banks agreed to provide $463 million in financing to help the company get out of bankruptcy, restructure, and sell itself.<a href="#cite_note-Los_Angeles_Times_2002-55">[55]</a> Covanta came out of bankruptcy in 2004, when it was purchased by Danielson Holding Corporation.<a href="#cite_note-Virginian-Pilot_2006-54">[54]</a> In 2005, Danielson sold Ogden's interests in casinos, hockey stadiums, and other areas to focus on its energy-from-waste business.<a href="#cite_note-Virginian-Pilot_2006-54">[54]</a> Later that year, Covanta acquired an energy-from-waste business called American Ref-Fuel for $2 billion.<a href="#cite_note-Virginian-Pilot_2006-54">[54]</a> In 2009, Covanta bought the energy-from-waste business of Veolia Environment for $450 million.<a href="#cite_note-Roychoudhury_2009-58">[58]</a> This was followed by acquisitions of environmental services companies Advanced Waste Services and GARCO for undisclosed sums in 2014.<a href="#cite_note-Waste360_2015-59">[59]</a><a href="#cite_note-60">[60]</a> In 2015, Covanta appointed Stephen J. Jones as its new CEO.<a href="#cite_note-Kraus_2015-61">[61]</a> As of October 2020, Michael Ranger has succeeded Stephen J. Jones as Covanta's CEO.<a href="#cite_note-Bradshaw_2020-62">[62]</a> In December 2021, the investment firm EQT Group announced the completion of its $5.3 billion acquisition of Covanta Holding Corporation and announced its new CEO, Azeez Mohammed.<a href="#cite_note-Tennenbaum_2021-63">[63]</a> In April 2024, Covanta renamed itself to Reworld.<a href="#cite_note-64">[64]</a> <div class="mw-heading mw-heading2"><h2 id="Operations">Operations</h2>[<a href="/w/index.php?title=Reworld&action=edit&section=13" title="Edit section: Operations">edit</a>]</div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Covanta_Hempstead_2021c.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/01/Covanta_Hempstead_2021c.jpg/220px-Covanta_Hempstead_2021c.jpg" decoding="async" width="220" height="147" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/01/Covanta_Hempstead_2021c.jpg/330px-Covanta_Hempstead_2021c.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/01/Covanta_Hempstead_2021c.jpg/440px-Covanta_Hempstead_2021c.jpg 2x" data-file-width="6240" data-file-height="4160" /></a><figcaption>The Covanta Hempstead plant in <a href="/wiki/Uniondale,_New_York" title="Uniondale, New York">Uniondale, New York</a></figcaption></figure> Reworld develops and operates facilities that burn trash to produce electricity, recover metals from the waste stream for recycling, and provide other industrial waste management services.<a href="#cite_note-ALPHA-65">[65]</a> As of 2013, about 60% of the revenue of Reworld came from selling trash disposal services and 25% from selling electricity produced by burning trash.<a href="#cite_note-Englander_2013-66">[66]</a> The remainder of its revenue was from metal recycling, construction, and other services.<a href="#cite_note-Englander_2013-66">[66]</a> As of 2018, Reworld operated more than 40 waste-to-energy plants in North America, China, and Europe.<a href="#cite_note-Kilgore_Linnane_2018-67">[67]</a><a href="#cite_note-Meeks_2013-68">[68]</a> Most of the revenue of Reworld came from long-term contracts with local governments or utility providers.<a href="#cite_note-Kilgore_Linnane_2018-67">[67]</a><a href="#cite_note-Englander_2015-69">[69]</a> It also benefits from tax incentives for green energy projects.<a href="#cite_note-The_New_York_Times_1986-15">[15]</a> As of 2018, the company burned 20 million tons of trash annually and recycled 550,000 tons of metal.<a href="#cite_note-ALPHA-65">[65]</a> A majority of the trash is organic substances.<a href="#cite_note-Wald_2008-70">[70]</a> It also burns a smaller amount of pharmaceutical byproducts, like expired medicines.<a href="#cite_note-Smith_2007-71">[71]</a> Each ton of garbage contains about 50 pounds of metal that is removed with magnets, then sold for recycling.<a href="#cite_note-explain-72">[72]</a> At its plants, Reworld feeds trash into a furnace burning at 1,800 degrees Fahrenheit.<a href="#cite_note-explain-72">[72]</a> The furnace produces steam that rotates a turbine, powering a generator.<a href="#cite_note-explain-72">[72]</a> The remaining ash is rapidly cooled to prevent the formation of toxic compounds, then goes through additional processing.<a href="#cite_note-explain-72">[72]</a> Government agencies regulate and monitor Covanta emission stacks for harmful toxins.<a href="#cite_note-Knauss_2009-73">[73]</a> Filters and other equipment are in place to remove most of the harmful particulates,<a href="#cite_note-Kilgore_Linnane_2018-67">[67]</a> and activated carbon removes most of the mercury.<a href="#cite_note-Knauss_2009-73">[73]</a> Steam is then released into the atmosphere.<a href="#cite_note-Kilgore_Linnane_2018-67">[67]</a> <div class="mw-heading mw-heading2"><h2 id="Environmental_and_social_impact">Environmental and social impact</h2>[<a href="/w/index.php?title=Reworld&action=edit&section=14" title="Edit section: Environmental and social impact">edit</a>]</div> Supporters of <a href="/wiki/Waste-to-energy" title="Waste-to-energy">waste-to-energy</a> facilities say burning trash to produce energy is an environmentally-friendly way to produce power and dispose of garbage that would otherwise fill landfills.<a href="#cite_note-CBS_2014-74">[74]</a> Critics are concerned about unintentional releases of toxic materials from such facilities.<a href="#cite_note-E&E_News-75">[75]</a><a href="#cite_note-Knauss_2009-73">[73]</a> Covanta itself has simultaneously received awards for a positive impact on the environment, while being sued and seeing protests for negative environmental impacts.<a href="#cite_note-Virginian-Pilot_2006-54">[54]</a> A 2008 study by the U.S. Environmental Protection Agency found that waste-to-energy plants were better for the environment than landfills, in part because they do not emit <a href="/wiki/Landfill_gas" title="Landfill gas">landfill gas</a> and reduce reliance on coal and oil fueled generation stations.<a href="#cite_note-E&E_News-75">[75]</a> A study by <a href="/wiki/Columbia_University" title="Columbia University">Columbia University</a> said if waste-to-energy was as popular in the United States as it is in Europe, the U.S. would reduce carbon emissions by 264 million tons annually.<a href="#cite_note-Kilgore_Linnane_2018-67">[67]</a> However, many environmentalists are skeptical about Covanta's claim that the steam emitted from a plant's furnace does not contain toxic materials.<a href="#cite_note-Kilgore_Linnane_2018-67">[67]</a> Some environmentalist distrust government monitoring of Covanta's emission stacks, and have lobbied for more regulation.<a href="#cite_note-Knauss_2009-73">[73]</a> Additionally, Covanta has been cited numerous times for exceeding air pollution standards.<a href="#cite_note-Strauss_2008-76">[76]</a> For example, one Covanta plant in <a href="/wiki/New_Jersey" title="New Jersey">New Jersey</a> was fined for violating emission standards;<a href="#cite_note-T._2009-77">[77]</a> in 2010, a related lawsuit was settled for $875,000, which was used for a local green space program.<a href="#cite_note-NJ_Spotlight_2019-78">[78]</a> Similar problems have led to fines and settlements for mercury emissions in Florida,<a href="#cite_note-Connolly_2001-79">[79]</a> <a href="/wiki/Tetrachlorodibenzodioxin" class="mw-redirect" title="Tetrachlorodibenzodioxin">tetrachlorodibenzodioxin</a> emissions in Connecticut,<a href="#cite_note-Times_Union_2011-80">[80]</a> and for a spill of <a href="/wiki/Hydrated_lime" class="mw-redirect" title="Hydrated lime">hydrated lime</a> in <a href="/wiki/Dublin,_Ireland" class="mw-redirect" title="Dublin, Ireland">Dublin, Ireland</a>.<a href="#cite_note-The_Irish_Times_2013-81">[81]</a> An academic from Columbia University has said most energy-from-waste criticisms are related to dated technology or misinformation.<a href="#cite_note-Kilgore_Linnane_2018-67">[67]</a> Covanta said it is compliant with emission standards 99.9% of the time.<a href="#cite_note-T._2009-77">[77]</a> Covanta works with local governments to safely dispose of unwanted prescription drugs.<a href="#cite_note-82">[82]</a><a href="#cite_note-Waste_Dive_2018-83">[83]</a> In 2014, there was a controversy about whether an Oregon Covanta facility was burning aborted fetuses and other human body parts as part of a <a href="/wiki/Biomedical_waste" title="Biomedical waste">biomedical waste</a> disposal program.<a href="#cite_note-CBC_2014-84">[84]</a> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2>[<a href="/w/index.php?title=Reworld&action=edit&section=15" title="Edit section: See also">edit</a>]</div> <ul><li><a href="/wiki/Covanta_Hempstead" title="Covanta Hempstead">Covanta Hempstead</a></li> <li><a href="/wiki/Essex_County_Resource_Recovery_Facility" title="Essex County Resource Recovery Facility">Essex County Resource Recovery Facility</a></li> <li><a href="/wiki/Delaware_Valley_Resource_Recovery_Facility" title="Delaware Valley Resource Recovery Facility">Delaware Valley Resource Recovery Facility</a></li> <li><a href="/wiki/Harrisburg_incinerator" title="Harrisburg incinerator">Harrisburg incinerator</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2>[<a href="/w/index.php?title=Reworld&action=edit&section=16" title="Edit section: References">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><a href="#cite_ref-1">^</a> <style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) 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Retrieved September 14, 2019.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=The+Associated+Press&rft.atitle=Is+fetal+tissue+from+B.C.+used+to+power+Oregon+homes%3F&rft.date=2014-04-24&rft_id=https%3A%2F%2Fwww.cbc.ca%2Fnews%2Fcanada%2Fbritish-columbia%2Fis-fetal-tissue-from-b-c-used-to-power-oregon-homes-1.2620375&rfr_id=info%3Asid%2Fen.wikipedia.org%3AReworld" class="Z3988"> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2>[<a href="/w/index.php?title=Reworld&action=edit&section=17" title="Edit section: External links">edit</a>]</div> <ul><li><a rel="nofollow" class="external text" href="https://www.covanta.com/">Official website</a></li></ul>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/w/index.php?title=Reworld&oldid=1245031082">https://en.wikipedia.org/w/index.php?title=Reworld&oldid=1245031082</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="/wiki/Help:Category" title="Help:Category">Categories</a>: <ul><li><a href="/wiki/Category:Companies_based_in_New_Jersey" title="Category:Companies based in New Jersey">Companies based in New Jersey</a></li><li><a href="/wiki/Category:Waste_management_companies_of_the_United_States" title="Category:Waste management companies of the United States">Waste management companies of the United States</a></li></ul></div><div id="mw-hidden-catlinks" class="mw-hidden-catlinks mw-hidden-cats-hidden">Hidden categories: <ul><li><a href="/wiki/Category:CS1_errors:_periodical_ignored" title="Category:CS1 errors: periodical ignored">CS1 errors: periodical ignored</a></li><li><a href="/wiki/Category:Articles_with_short_description" title="Category:Articles with short description">Articles with short description</a></li><li><a href="/wiki/Category:Short_description_matches_Wikidata" title="Category:Short description matches Wikidata">Short description matches Wikidata</a></li><li><a href="/wiki/Category:Use_mdy_dates_from_February_2024" title="Category:Use mdy dates from February 2024">Use mdy dates from February 2024</a></li><li><a href="/wiki/Category:Use_American_English_from_February_2024" title="Category:Use American English from February 2024">Use American English from February 2024</a></li><li><a href="/wiki/Category:All_Wikipedia_articles_written_in_American_English" title="Category:All Wikipedia articles written in American English">All Wikipedia articles written in American English</a></li></ul></div></div> </div> </main> </div> <div class="mw-footer-container"> <footer id="footer" class="mw-footer" > <ul id="footer-info"> <li id="footer-info-lastmod"> This page was last edited on 10 September 2024, at 16:23 (UTC).</li> <li id="footer-info-copyright">Text is available under the <a href="/wiki/Wikipedia:Text_of_the_Creative_Commons_Attribution-ShareAlike_4.0_International_License" title="Wikipedia:Text of the Creative Commons Attribution-ShareAlike 4.0 International License">Creative Commons Attribution-ShareAlike 4.0 License</a>; additional terms may apply. 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