Clean Harbors Announces $500 Million Expansion of Share Repurchase Program
December 07 2023 - 8:30AM
Business Wire
Clean Harbors, Inc. (“Clean Harbors”) (NYSE: CLH), the leading
provider of environmental and industrial services throughout North
America, today announced that its Board of Directors has authorized
a $500 million expansion of the Company’s existing share repurchase
program. As of December 1, 2023, approximately $54 million of
availability remained in the existing program. Clean Harbors
intends to fund the share repurchases through its available cash
resources.
“Our share repurchase program has been and will continue to be a
core element in our capital allocation strategy,” said Eric J.
Dugas, Chief Financial Officer. “To date, we have bought back
approximately 8.5 million shares at an average price of
approximately $64 a share under our original $600 million stock
repurchase plan. We deploy capital with a focus on value creation,
whether it is acquisitions, internal investments, share repurchases
or debt reduction. We continue to maintain a healthy balance sheet,
which is supported by strong cash generation. This affords us
significant financial flexibility to execute our Vision 2027 growth
strategy and deliver strong returns 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.
Clean Harbors 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 and industrial
services. The Company serves a diverse customer base, including a
majority of Fortune 500 companies. Its customer base spans a number
of industries, including chemical, energy and manufacturing, 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 in the United States, Canada,
Mexico, Puerto Rico and India. 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,” “seeks,” “should,” “estimates,”
“projects,” “may,” “likely,” or similar expressions. Such
statements may include, but are not limited to, statements about
the Company’s future share repurchases, 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.
Forward-looking statements are neither historical facts nor
assurances of future performance. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20231206856579/en/
Eric J. Dugas EVP and Chief Financial Officer Clean Harbors,
Inc. 781.792.5100 InvestorRelations@cleanharbors.com
Jim Buckley SVP Investor Relations Clean Harbors, Inc.
781.792.5100 Buckley.James@cleanharbors.com
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