Clean Harbors, Inc. CLH, the leading provider of environmental, energy
and industrial services throughout North America, today commented on the April
24, 2014 filing of a Schedule 13D by Relational Investors, LLC (“Relational”),
which stated that Relational owns 9.08% of Clean Harbors' common stock.
Chairman and Chief Executive Officer Alan S. McKim, said, “Clean Harbors has a
long history of transparency and open communications with shareholders. Our
Board of Directors and management team are committed to building long-lasting
value for all of Clean Harbors shareholders and we welcome their investment in
the Company.”
“Clean Harbors has a proven track record of delivering value to our
shareholders. In fact, over the past decade, our stock has outperformed the
S&P 500 by more than 12 times during that timeframe. Led by our management
team, we have achieved our outstanding long-term performance through a
combination of targeted acquisitions and steady expansion through organic
growth.”
“In the past two months, we have held positive discussions with Relational.
Their investment in Clean Harbors demonstrates their agreement with us that
there is additional value in our Company. We agree with Relational's
statements regarding our strong position in the hazardous waste market and
their endorsement of our plan to continue to invest in capacity expansion in
these businesses. Relational supports our efforts to expand our margins and
improve asset utilization to create superior equity value. We are closely
aligned with that viewpoint as we continue to work toward our previously
stated long-term objective of achieving 20% Adjusted EBITDA margins.”
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