Clean Harbors Announces Increase to Stop Fees Within Safety-Kleen Waste Oil Business in Response to Market Dynamics
By Business Wire News
By Business Wire News
Clean Harbors, Inc. (“Clean Harbors”) (NYSE: CLH), the leading provider of environmental, energy and industrial services throughout North America,today announced that its Safety-Kleen subsidiary again is revising pricing related to managing used engine and industrial oils. Effective immediately, Safety-Kleen Environmental will be targeting an increase of $80 per stop with all customers across its used oil customer base.
Kevin Hayden, Executive Vice President, Safety-Kleen Environmental, said, “We are again taking the necessary steps to address the continuing rapid decline in crude oil indices and base oil pricing. These adverse energy market dynamics are decreasing the values of our re-refined products and byproducts, as well as our recycled fuel oil (RFO). This increase, which we will now be implementing in both the U.S. and Canada, is needed for Safety-Kleen to maintain the safe, reliable and quality oil collection service we provide to more than 200,000 customers.
“Due to market conditions, our re-refining business has been under significant margin pressure for the past three years. We are committed to returning profitability in the Safety-Kleen segment to levels closer to historical norms. The actions we are announcing today are necessary to avoid further deterioration in our existing spread and an important step toward achieving stabilization in this business,” Hayden concluded.
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 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.
Kevin Hayden, 972-265-2000
Clean Harbors, Inc.
Eric Kraus, 781-792-5100
EVP Corporate Communications & Public Affairs
Jim Buckley, 781-792-5100
SVP Investor Relations