NORWELL, Mass.–(BUSINESS WIRE)–Clean Harbors, Inc. (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.
