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On Wednesday June 8, 2011, 11:12 am EDT
NORWELL, Mass. (AP) — Clean Harbors Inc.’s board approved a 2-for-1 stock split, the company said Wednesday.
Under the plan, shareholders of the waste management and cleanup company, based in Norwell, Mass., will receive a dividend of one share for each share held. The dividend is payable on July 26 to shareholders of record at the close of business on July 6.
Clean Harbors’ board approved the split after stockholders agreed to increase the company’s authorized shares to 80 million from 40 million, the company said.
There currently are 26.5 million shares of Clean Harbors outstanding, according to FactSet. After the split, there will be about 53 million shares outstanding, the company said.
Chairman and CEO Alan McKim said the transaction aims to increase trading of the company’s shares among a wider group of shareholders. He said it will help Clean Harbors “further enhance shareholder value through continued strong financial results.”
Clean Harbors shares rose 78 cents to $ 98.25 Wednesday morning. The stock has traded between $ 58.30 and $ 106.61 over the past year.
Clean Harbors easily beat analysts’ expectations for per-share earnings in the past two quarters. It boosted its revenue guidance for 2011 after the fourth quarter of 2010 and again after the first quarter of 2011.
Clean Harbors manages hazardous materials, environmental and industrial cleanups. The company owns landfills, incinerators, wastewater and other treatment facilities.
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