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Today's High. But the process of auditing the company before the IPO dragged on for longer than expected. One problem was that Clean Harbors had made some acquisitions within the last three years, but spun them off immediately. Although Clean Harbors no longer owned these companies, it still had to provide thorough paperwork for them. As adequate records had not been kept, the auditors had to painstakingly reconstruct the needed documents. McKim considered changing his strategy and bringing the company public in London instead of on the NASDAQ because suddenly much of Clean Harbors' financial information was out in the open for competitors to read.
McKim began touring the country to interest investors in the stock. But Clean Harbors' timing was poor. On October 19, , the stock market slid, an enormous "correction" to the bull market memorialized as Meltdown Monday. Clean Harbors' underwriters were nervous about the IPO, and discussed postponing the offering or canceling it.
Ultimately, Clean Harbors and its underwriters decided to go ahead with the IPO, but to offer one million shares instead of 1. Clearly, the company would have made much more money if it had debuted before the fateful Monday.
Clean Harbors was somewhat stymied in its attempts to expand within its home state of Massachusetts, but it made key acquisitions in other parts of the country. Massachusetts was supposed to follow federal regulations ordering it to deal with its own hazardous waste instead of shipping it out of state, but because of a lack of facilities, Massachusetts was unable to comply.
Yet siting a new incinerator in such a densely populated area as Braintree was contentious if not impossible. Clean Harbors' incinerator permit was denied in , and it later purchased incinerators in Texas, Utah, Nebraska, and in Ontario and Quebec. It bought the Nebraska incinerator in , a new and state-of-the-art facility formerly owned by the Ecova Corp. The Kimball, Nebraska incinerator was the only hazardous waste incinerator in the United States that was allowed to "de-list" its ash.
That meant that it was so efficient at destroying hazardous materials that the ash remaining from the incineration was not considered hazardous in itself. Clean Harbors was well known for its emergency response work. It was considered one of the leading companies in this field. Taking care of leaking tankers or wrecked trains could be lucrative business, though it could also cause the company problems if it took workers away from ongoing projects.
Although such jobs could provide a windfall for Clean Harbors and put it in the public eye, for long-term growth, the company needed to focus on dayto-day waste management and environmental services work. The company set up several new divisions in the s and s to focus on specific service areas.
In Clean Harbors formed Clean Pack, which focused on collecting, packing, and disposing of chemicals, mainly from laboratories. Clean Pack's customers included schools and universities, industrial laboratories, and local communities with household hazardous wastes. This division offered a variety of cleaning and maintenance services, including chemical cleaning, vacuuming, steam cleaning, and hydroblasting.
The company also created an information management services subsidiary, marketing Clean Harbors' considerable expertise in the complex data collection, tracking, and archiving that its industry required. Vision: To be recognized as the premier provider of environmental services and solutions.
Clean Harbors was actively involved in cleaning up the destroyed World Trade Towers in New York City after the terrorist attacks of September 11, The company also was hired to manage hazardous or potentially hazardous waste at the offices of NBC in New York after a letter containing anthrax was received there.
By that time, the company had evolved a highly sophisticated information and data management capacity to go with its physical waste handling ability. Clean Harbors used a satellite tracking system to record the movements of its waste hauling fleet and high-speed Internet connections at its mobile command centers. Its fleet of vehicles had grown to trucks, and its customer web site offered online quotes for transportation costs and online Department of Transportation regulatory forms.
While leading the hazardous waste disposal industry in its region, Clean Harbors had become one of the top 50 waste hauling and disposal companies nationwide.
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