GFL Shifts Executive Office from Ontario to U.S.
GFL Environmental Inc. has announced the relocation of its executive office from Ontario, Canada, to Miami Beach, Florida, marking a significant shift for the waste management company. Despite this move, GFL will retain its incorporation status in Ontario.
Strategic Shift to Enhance Visibility
Patrick Dovigi, founder and CEO of GFL, stated that this relocation enhances the company’s eligibility for U.S. equity index participation. “We expect this approach to gaining broader index inclusion will increase GFL’s visibility with investors and ultimately drive a wider shareholder base,” Dovigi explained.
Operations and Financial Impact
GFL provides solid waste management services across Canada and in 18 U.S. states, with the U.S. market accounting for over two-thirds of its total revenue. The relocation aims to strengthen its presence in the U.S. market while continuing to operate in Canada.
Retaining Canadian Connections
GFL will maintain its listing on the Toronto Stock Exchange (TSX) and its Canadian incorporation status. This ensures that GFL remains eligible for prominent indexes, including the TSX60. Analyst Sabahat Khan from RBC Capital Markets mentioned that GFL’s inclusion in the Russell indexes is likely at the next rebalance in June.
Job Security in Ontario
In response to the relocation, Ontario Premier Doug Ford reassured employees that GFL will continue to hire in the province. “They’re still going to be employing thousands and thousands of people here,” Ford remarked at a press event, emphasizing GFL’s status as a global company.
- Company: GFL Environmental Inc.
- New Executive Office Location: Miami Beach, Florida
- Incorporation: Ontario, Canada
- U.S. Revenue Contribution: Over two-thirds
- Date of Next Index Rebalance: Expected in June
This strategic shift to the U.S. reflects GFL’s ambitions to expand its market presence while ensuring job retention in Canada. The company continues to play a crucial role in waste management across North America.
