Solid and hazardous waste firm Clean Harbors Inc. has doubled the size of its stock repurchase program to $300 million.
“Our capital allocation program consists of three primary elements: investing in the organic growth of the business, acquisition opportunities and share repurchases,” said Alan McKim, chairman and CEO of the Norwell, Mass.-based Clean Harbors, in a news release. “We deploy our capital with a focus on creating value and improving returns, particularly return on invested capital (ROIC).”
Clean Harbors’ original program authorized the repurchase of as much as $150 million of company common stock. As of December 31, 2014, there was $45.7 million of availability remaining, and now that will increase to $195.7 million with the expanded plan. Clean Harbors continues to intend to fund the repurchases through its available cash resources.
Through the program Clean Harbors plans to buy its common stock on the open market or in private transactions periodically.