NORWELL, Mass.--(BUSINESS WIRE)--
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 is upwardly revising its pricing related to managing the collection of used engine and industrial oils. Effective immediately, Safety-Kleen is increasing the cost of its charge-for-oil (CFO) program across its used oil collection network, as well as increasing its service stop-fee for its stop-fee program.
David Vergo, Safety-Kleen President, said, “The recent softness in crude oil markets, along with the associated declines in fuel pricing, have decreased the value of our recycled fuel oil (RFO) and other products. This environment, coupled with chronic oversupply in the overall market, have led us to increase our used motor oil disposal pricing rates in order to mitigate the market-driven pressure on margins and avoid further deterioration in our existing spread. The rate adjustments are effective immediately or as contracts allow, across both the U.S. and Canada, and will stay in effect until oil prices demonstrably strengthen.”
“As we have done with past rate adjustments, Safety-Kleen is continuing to address energy market drivers that affect those margins,” Vergo said. “We believe these rate changes are needed for Safety-Kleen to continue to deliver the safe, reliable and quality service we provide to more than 200,000 customers throughout North America.”
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 is also 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 about future financial and operating results, 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 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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