Waste Management Inc. may already be known for its innovative recycling initiatives and it now appears that the company is looking toward the composting business as a new alternative, according to GreenBiz.com. 

In fact, the company has started investing in another business that owns the largest composting facility on the Eastern Coast and building a site in Florida for organic materials. Waste Management hopes to capitalize on these acquisitions by turning recycling and waste disposal into a profitable process.

"We want to extract the highest value possible from the materials we manage," Waste Management executives Tim Cesarek, managing director of Organic Growth, and David McConnell, a market area vice president, said in announcements, the news source reports.

The compositing facility in which Waste Management is invested is owned by the Peninsula Composting company. It is a $20 million building that turns commercial food and yard waste into compost. Each day, it converts approximately 300 tons of material. Waste Management hopes to use the site to process 200,000 tons of waste each year.

The facility in Central Florida is meant to be a disposal site for yard waste from residential and business customers and will transform around 80 tons of material when it opens in the fall.

Waste Management is a growing company with more than 45,000 employees serving 20 million customers, according to the company's website. In 2010, it made $12.52 billion in revenue by creating next-generation environmental solutions for waste disposal.

Nearly 1,000 of Waste Management's trucks are powered by natural gas.

The business uses some of the material to create energy that can sustain 1 million homes. By 2020, it hopes to double that output and manage more than 20 million tons, up from 7 million in 2009.