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.
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