December 18, 2014
"Saftey-Kleen ends Pay-For-Oil program and replaces with Charge-For-Oil rate structure"
NORWELL, Mass.--(BUSINESS WIRE)--Dec. 18, 2014-- 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 revising its rate structure for its purchase of used engine and industrial oils. Effective immediately, Safety-Kleen is eliminating its current pay-for-oil (PFO) program and replacing it with either a Zero-Pay or Charge-for-Oil rate structure.
Jerry Correll, Safety-Kleen President, said, “Given the adverse conditions in the base oil marketplace and current energy market dynamics, we are taking proactive action to further reduce costs associated with the procurement, transportation and processing of used oil. Our new Zero-Pay and Charge-for-Oil policy will apply to all U.S. and Canadian used oil generators that Safety-Kleen services. As the largest collector of used oil in North America at more than 200 million gallons annually, Safety-Kleen is taking a leadership approach to the market and realigning our pricing structure to levels that more accurately reflect the current environment.”
“Margins in Clean Harbors’ Oil Re-refining and Recycling segment have come under substantial pressure since early 2013,” Correll said. “Our goal is to protect and expand our margins, and ultimately return profitability in this segment to more historical levels. The actions we are announcing today are necessary to achieve those goals.”
Source: Clean Harbors, Inc.
January 1, 2015
"Oil market flatlines, waste oil industry is forced to adjust pricing"
Please be advised that due to a surplus of waste oil flooding our country's market combined with a lack of demand from our consumers, the value of waste oil has steadily decreased for the past few months. With the oil market flatlining, predictions are showing that the waste oil industry will hit record lows.
Westchester Waste Oil Company is doing its best to adapt to these unfortunate circumstances and we ask for the support and cooperation of all our customers. During this time, you can expect to see fluctuations in the pricing to offset the decreasing oil market. These changes are essential to allow our Company to operate at the efficient and highest level that all our customers are accustomed to and expect from us. We want to remain diligent in our efforts to continue moving all the waste oil we collect. As the oil market corrects itself, customers can expect pricing to be adjusted accordingly.
We thank you again for your continued loyalty and support. Your business is extremely important to us! If you need any further assistance, please do not hesitate to contact us!
Sincerely,
Jeanne Crescenzo
President
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