text: vertically integrated waste services or expand the service area for our existing disposal sites. 
  Development projects, while generally less capital intensive, typically require extensive permitting 
  eÅorts that can take years to complete with no assurance of success. We undertake development 
  projects when we believe there is a reasonable probability of success and where reasonably priced 
  acquisition opportunities are not available. 
  
  ‚***Acquisition Growth.***During the late 1990's, the solid waste industry experienced a period of rapid 
  consolidation. We were able to grow signiÑcantly through acquisitions during this period. However, the 
  rate of consolidation in the industry has slowed considerably. Despite this, we continue to look to 
  acquire businesses that complement our existing business platform. Our acquisition growth strategy 
  focuses on privately-held solid waste companies and municipal and other local governmental authori- 
  ties. We believe that our ability to acquire privately-held companies is enhanced by increasing 
  competition in the solid waste industry, increasing capital requirements as a result of changes in solid 
  waste regulatory requirements, and the limited number of exit strategies for these privately-held 
  companies' owners and principals. We also seek to acquire operations and facilities from municipalities 
  that are privatizing, which occur for many of the same reasons that privately-held companies sell their 
  solid waste businesses. In addition, we will continue to evaluate opportunities to acquire operations and 
  facilities that may be divested by other publicly-owned waste companies. In sum, our acquisition 
  growth strategy focuses on: 