Dennis McCoy | Sacramento Business Journal file
Folsom-based Waste Connections Inc. has gotten proposals from Texas and Nevada to move the company’s headquarters to those states, according to chief executive officer and chairman Ron Mittelstaedt.
Waste Connections Inc. has gotten proposals from Texas and Nevada to move the company’s headquarters to those states.
And because of the cumulative effect of ever increasing statewide regulation, the management of the Folsom-based company is considering making the move.
The company does business in 31 states, including Texas and Nevada, said Ron Mittelstaedt, chairman and chief executive of Waste Connections.
“For good or for bad, we see how 30 other states treat businesses, and California is so far below 30 you can’t even see 30 from here,” he said.
The company employs more than 5,500 people, with 120 of them at the Folsom headquarters.
Being home to the headquarters creates an economic effect locally, as it is where the company engages professional services such as legal, accounting and other services that contribute about $ 100 million to the local economy.
Waste Connections (NYSE: WCN) is the largest publicly traded company in the area. It has a market capitalization of $ 3.9 billion and more than $ 1.3 billion in revenue.
Saying the “California legislature is bought and paid for by labor interests and environmental groups,” Mittelstaedt also said the California legislature’s hostile regulatory environment toward corporations is chasing companies out of the state at a time when “other states are writing checks.”
A California native, he said he would like to keep his company here, and he personally wants to stay in the state.
But the state’s lawmakers tend to have an attitude that corporations are evil and must be regulated with continuously more laws, Mittelstaedt said. It is not one law or bill that is making the company consider the move, he said, rather it is the cumulative effect of legislation over many years. This is not the first time the company has been recruited by other states, he said.
Waste Connections operates waste collections operations, transfer stations, recycling centers and active landfill operations.
Mark Anderson covers banking, finance, accounting, technology, telecom, venture capital, hospitality, tourism and restaurants for the Sacramento Business Journal.