Republic Services (RSG) has upped its investment in its “Committed to Serve” initiative announced by the company just after business closures forced by COVID-19.
In mid-April RSG promised to put $20 million toward the initiative, providing meals and gift cards to frontline employees. Funds were to be spent in local businesses that could provide meals, with the idea of supporting both employees and the local community through the effort.
Now, RSG, through the Committed to Serve initiative, is donating personal protective equipment (PPE) to frontline medical workers in Atlanta and Rutherford county, Tennessee. The company will provide a total of 100,000 N95 masks to the two areas.
Commenting on the masks RSG is to provide, Jon Vander Ark, company president said, “As an essential service provider ourselves, Republic Services understands what it means to have employees on the job every day, taking care of our communities.”
The N95 masks will be split, with 40,000 masks going to Grady Memorial Hospital in Atlanta, the state’s largest public hospital, with over 3,000 doctors and frontline medical personnel.
60,000 masks have been earmarked for Rutherford county frontline workers, including first responders and healthcare workers. Close to 12% of the population in the county lives below the poverty level.
Vander Ark said Republic Services is committed to supporting its customers, and “[t]hroughout the pandemic, we have been unwavering in our mission to take care of our people, our customers and the communities where we live and work. With this donation, we are proud to honor the work of those who are providing lifesaving services during this critical time.”
Republic Services has not come unscathed through the pandemic. After the company was forced to cut some worker’s hours when businesses no longer needed waste removal services, a group of union employees challenged the reduced hours.
RSG stock is still down around 20% from highs reached prior to the onset of the COVID-19 pandemic. Though it is up sharply off of the lows reached in March.
In its latest earnings report, Republic Services had earnings of $0.77 per share, which beat consensus estimates of $0.75. In the prior year’s quarter earnings were $0.73 per share. Net income was $246 million, versus year-over-year income of $234 million.
Steven Adams’s personal position in Republic Services: none.