Clean Harbors (MM) (NASDAQ:CLHB)
Historical Stock Chart
From Jun 2019 to Jun 2024
![Click Here for more Clean Harbors (MM) Charts. Click Here for more Clean Harbors (MM) Charts.](/p.php?pid=staticchart&s=N%5ECLHB&p=8&t=15)
Clean Harbors, Inc. (“Clean Harbors”) (NASDAQ: CLHB), the leading
provider of environmental and hazardous waste management services
throughout North America, today announced the formation of a new
subsidiary – Clean Harbors Development, LLC. Alan S. McKim, Chairman and
Chief Executive Officer of Clean Harbors appointed William J. Geary, a
19-year company veteran, as President of Clean Harbors Development.
Clean Harbors Development will have a multi-faceted mission to transform
sections of Clean Harbors’ existing 16,000 acres of property throughout
North America into various traditional commercial enterprises as well as
develop alternative power and energy projects, exploit mineral rights
and revitalize various Brownfield properties.
McKim stated, “We are delighted to announce this initiative to
capitalize on the intrinsic commercial value of our large portfolio of
real estate holdings and create new potential sources of revenues beyond
our traditional service lines. Relying on existing internal resources,
the new subsidiary will focus on converting non-performing and
under-performing assets into revenue-generating opportunities. While we
expect that some projects may require some initial development
expenditures, we believe that those initial costs will not be material
to the Company’s finances and serve as an investment that will generate
a long-term stream of recurring revenue. We have identified several
initial projects and expect them to generate incremental revenue within
the first year.”
“We are also excited that much of the commercial potential of these
properties lend themselves to the development of alternative sources of
power and energy generation,” said McKim. “This coincides with our
commitment to be a leader in protecting the environment, not only
through our clean-up and recycling efforts, but also through the
revitalization of Brownfields and the development of sustainable energy
resources.”
McKim continued, “Bill Geary is ideally suited to lead this effort. Bill
ably represented us during our substantial expansion over the past two
decades, and has deep knowledge of our extensive network of properties.
Bill’s appointment as President at Clean Harbors Development enables us
to immediately build on his 19 years of regulatory and legal experience
with Clean Harbors.”
For the past 10 years, Geary has served Clean Harbors as Executive Vice
President and General Counsel and was Vice President of Government
Relations & Public Affairs for the prior nine years. Geary will continue
to oversee public affairs on behalf of Clean Harbors and all its
affiliates as well as serve as Special Legal Counsel to the Chairman of
the Corporation for investor relations and various strategic projects.
Prior to joining Clean Harbors, Geary was CEO of a Massachusetts public
agency that was responsible for managing billions of dollars of public
infrastructure assets. Previously, Geary served as a Senior Advisor to
the Governor of Massachusetts, a consultant to the White House, and
counsel to numerous members of the U.S. Congress and several nationally
recognized corporations. He was also an Adjunct Professor at Suffolk
University’s Graduate School of Management. Geary serves on the Board of
Directors of The New England Council.
Geary was appointed a Loeb Fellow in Advanced Environmental Studies at
Harvard University, received his law degree from Suffolk University Law
School, a masters degree in management and government from Northeastern
University, and a bachelor’s degree from the University of
Massachusetts, Boston.
About Clean Harbors
Clean
Harbors is North America's leading provider of environmental and
hazardous waste management services. With an unmatched infrastructure of
waste management facilities, Clean Harbors serves over 45,000 customers,
including more than 325 Fortune 500 companies, thousands of smaller
private entities and numerous federal, state and local governmental
agencies. Clean Harbors’ Technical Services provides a broad range of
hazardous material management and disposal services including hazardous
and non-hazardous waste recycling,
treatment
and disposal, CleanPack®
laboratory
chemical packing, and household
hazardous waste management services. Clean Harbors’ Site Services
provides field
services, industrial
services, vacuum
services, emergency
response and disaster
recovery, transformer
services, tank
cleaning and decontamination.
Headquartered in Norwell, Massachusetts, Clean Harbors has more than 100
locations strategically positioned throughout North America in 36 U.S.
states, six Canadian provinces, 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, and involve risks and uncertainties.
These forward-looking statements are generally identifiable by use of
the words “believes,” “expects,” “intends,” “anticipates,” “plans to,”
“estimates,” “projects,” or similar expressions. These forward-looking
statements are subject to certain risks and uncertainties that could
cause actual results to differ materially from those reflected in these
forward-looking statements. Readers are cautioned not to place undue
reliance on these forward-looking statements, which reflect management’s
opinions only as of the date hereof. 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. Furthermore, all financial
information in this press release is based on preliminary data and is
subject to the final closing of the Company’s books and records.
A variety of factors beyond the control of the Company may affect the
Company’s performance, including, but not limited to:
The Company’s ability to manage the significant environmental
liabilities that it assumed in connection with the CSD and other
acquisitions;
The availability and costs of liability insurance and financial
assurance required by governmental entities relating to our facilities;
The effects of general economic conditions in the United States,
Canada and other territories and countries where the Company does
business;
The effect of economic forces and competition in specific marketplaces
where the Company competes;
The possible impact of new regulations or laws pertaining to all
activities of the Company’s operations;
The outcome of litigation or threatened litigation or regulatory
actions;
The effect of commodity pricing on overall revenues and profitability;
Possible fluctuations in quarterly or annual results or adverse
impacts on the Company’s results caused by the adoption of new
accounting standards or interpretations or regulatory rules and
regulations;
The effect of weather conditions or other aspects of the forces of
nature on field or facility operations;
The effects of industry trends in the environmental services and waste
handling marketplace; and
The effects of conditions in the financial services industry on the
availability of capital and financing.
Any of the above factors and numerous others not listed nor foreseen may
adversely impact the Company’s financial performance. Additional
information on the potential factors that could affect the Company’s
actual results of operations is included in its filings with the
Securities and Exchange Commission, which may be viewed on www.cleanharbors.com/investor_relations.