Green For Life Environmental (GFL), the well-known waste management company that has various local garbage contracts, revealed on Wednesday that it is shifting its corporate headquarters from Vaughan to Miami. This move will lead to approximately “a dozen” job losses, according to its CEO in an interview with City News.
In a statement, the company mentioned that this relocation “is intended to broaden GFL’s shareholder base via eligibility for inclusion in major U. S. equity indices.” They emphasized their commitment to continuing “to grow its existing Canadian footprint and maintain its Canadian jurisdiction of incorporation and TSX listing.”
Patick Dovigi, the founder and CEO of GFL, confirmed that the company’s jurisdiction of incorporation – essentially where it’s legally based – will still be Ontario.
When asked about the impact on jobs, Dovigi informed City News that “about a dozen” employees would be affected.
Dovigi highlighted that this move aims to benefit investors in the publicly traded company.
“Consistent with our desire to access a wider global investor base across both passive and active strategies, the relocation of our executive headquarters broadens our eligibility for participation in U. S. equity indices while preserving our eligibility for inclusion in Canadian equity indices,” he stated in a release.
“We expect this approach to gaining broader index inclusion will increase GFL’s visibility with investors and ultimately drive a wider shareholder base.”
GFL already has a strong presence in the U. S., with Dovigi noting that over two-thirds of its revenue comes from there.
“The relocation aligns with our expanding presence in this attractive market and is expected to improve our ability to attract highly skilled talent from the U. S. labor pool. We will continue to maintain our shared services hubs in both Vaughan, Ontario and Raleigh, North Carolina.”
GFL is one of North America’s largest companies in this sector, employing more than 15,000 people.
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