NORWELL, Mass.--(BUSINESS WIRE)--Mar. 13, 2015--
Clean
Harbors, Inc. (“Clean Harbors”) (NYSE: CLH), the leading provider of
environmental, energy and industrial services throughout North America,
today announced that its Board of Directors has increased the size
of the current share repurchase program to up to $300 million. The
original program authorized the repurchase of up to $150 million of
Clean Harbors common stock. As of December 31, 2014, there was $45.7
million of availability remaining, which now will increase to $195.7
million under the expanded plan. The Company continues to intend to fund
the repurchases through its available cash resources.
“Our capital allocation program consists of three primary elements:
investing in the organic growth of the business, acquisition
opportunities and share repurchases,” said Alan S. McKim, Chairman and
Chief Executive Officer. “We deploy our capital with a focus on creating
value and improving returns, particularly return on invested capital
(ROIC). Our strong balance sheet and cash generation afford us the
financial flexibility to implement this capital strategy, which will
deliver value to our shareholders.”
The repurchase program authorizes Clean Harbors to purchase its common
stock on the open market or in privately negotiated transactions
periodically. The share repurchases will be made in a manner that
complies with applicable U.S. securities laws. The number of shares
purchased and the timing of the purchases will depend on a number of
factors, including share price, cash required for future business plans,
trading volume and other conditions. The Company has no obligation to
repurchase stock under this program and may suspend or terminate the
repurchase program at any time.
About Clean Harbors
Clean Harbors (NYSE: CLH) is North America’s leading provider of
environmental, energy and industrial services. The Company serves a
diverse customer base, including a majority of the Fortune 500, across
the chemical, energy, manufacturing and additional markets, as well as
numerous government agencies. These customers rely on Clean Harbors to
deliver a broad range of services such as end-to-end hazardous waste
management, emergency spill response, industrial cleaning and
maintenance, and recycling services. Through its Safety-Kleen
subsidiary, Clean Harbors also is North America’s largest re-refiner and
recycler of used oil and a leading provider of parts washers and
environmental services to commercial, industrial and automotive
customers. Founded in 1980 and based in Massachusetts, Clean Harbors
operates throughout the United States, Canada, Mexico and Puerto Rico.
For more information, visit www.cleanharbors.com.
Safe Harbor Statement
Any statements contained herein that are not historical facts are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
generally identifiable by use of the words “believes,” “expects,”
“intends,” “anticipates,” “plans to,” “estimates,” “projects,” or
similar expressions. Such statements may include, but are not limited
to, statements about the Company’s share repurchase program, and other
statements that are not historical facts. Such statements are based upon
the beliefs and expectations of Clean Harbors’ management as of this
date only and are subject to certain risks and uncertainties that could
cause actual results to differ materially, including, without
limitation, those items identified as “risk factors” in Clean Harbors’
most recently filed Form 10-K and Form 10-Q. Therefore, readers are
cautioned not to place undue reliance on these forward-looking
statements. Clean Harbors undertakes no obligation to revise or publicly
release the results of any revision to these forward-looking statements
other than through its filings with the Securities and Exchange
Commission, which may be viewed in the “Investors” section of Clean
Harbors’ website at www.cleanharbors.com.
Source: Clean Harbors, Inc.
Clean Harbors, Inc.
James M. Rutledge, 781-792-5100
Vice
Chairman, President and CFO
InvestorRelations@cleanharbors.com
or
Eric
Kraus, 781-792-5100
EVP Corporate Communications
& Public
Affairs
Kraus.Eric@cleanharbors.com
or
Jim
Buckley, 781-792-5100
SVP Investor Relations
Buckley.James@cleanharbors.com