Date: June 8, 2011
Source: Clean Harbors, Inc.
Clean Harbors, Inc. (Norwell, MA) announced a two-for-one split of its common stock. The split takes the form of a stock dividend equal to one share for each outstanding share, payable on July 26 to shareholders of record as of the close of business on July 6. The company's stock has nearly doubled in value over the last year or so as the company has expanded its service offerings and benefitted from disaster cleanup work and higher special wastes volumes into its landfills.
The company has been on an acquisition spree lately, with its most recent deal being a $204 million purchase of Calgary, Alberta-based Peak Energy. Another proposed acquisition - of Badger Daylighting, also Canadian - fell through, but CEO Alan S. McKim reportedly plans more deals in the future. "Our goal in approving this stock split is to improve liquidity and expand our shareholder base," McKim said in a statement. According to the company, "the stock split follows the approval, at the Company's 2011 Annual Meeting of Stockholders; of a proposal to increase the Company's authorized shares of common stock from 40 million to 80 million." After the stock split, Clean Harbors will have approximately 53 million shares of common stock outstanding.
June 8, 2011
Clean Harbors Announces Two-For-One Stock Split
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 authorized a two-for-one split of the Company's common stock in the form of a stock dividend of one share for each outstanding share. The stock dividend will be payable on July 26, 2011 to holders of record at the close of business on July 6, 2011.
The stock split follows the approval, at the Company's 2011 Annual Meeting of Stockholders, of a proposal to increase the Company's authorized shares of common stock from 40 million to 80 million. Upon the completion of the stock split, Clean Harbors is expected to have approximately 53 million shares of common stock outstanding.
"The Board's action reflects confidence in the Company's ability to further enhance shareholder value through continued strong financial results," said Chairman and Chief Executive Officer Alan S. McKim. "Our goal in approving this stock split is to improve liquidity and expand our shareholder base."
About Clean Harbors
Clean Harbors is the leading provider of environmental, energy and industrial services throughout North America. The Company serves more than 50,000 customers, including a majority of the Fortune 500 companies, thousands of smaller private entities and numerous federal, state, provincial and local governmental agencies.
Headquartered in Norwell, Massachusetts, Clean Harbors has more than 175 locations, including over 50 waste management facilities, throughout North America in 36 U.S. states, seven Canadian provinces, Mexico and Puerto Rico. The Company also operates international locations in Bulgaria, China, Singapore, Sweden, Thailand and the United Kingdom. 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. Such statements may include, but are not limited to, statements about future financial and operating results, the Company's plans, objectives, expectations and intentions 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 the Company's most recently filed Form 10-K and Form 10-Q. Therefore, readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements other than through its various filings with the Securities and Exchange Commission, which may be viewed at www.cleanharbors.com/investor_relations.
For more information, contact:
Clean Harbors, Inc.
James M. Rutledge, 781-792-5100
EVP and Chief Financial Officer
Sharon Merrill Associates
Jim Buckley, 617-542-5300
Executive Vice President