Green For Life Environmental (GFL), a well-known waste management company with many local garbage contracts, announced on Wednesday that it will be moving its corporate headquarters from Vaughan to Miami. This change will lead to around “a dozen” job losses, according to its CEO in an interview with City News.
In a statement, the company explained that this move “is intended to broaden GFL’s shareholder base via eligibility for inclusion in major U. S. equity indices,” while emphasizing its commitment to “grow its existing Canadian footprint and maintain its Canadian jurisdiction of incorporation and TSX listing.”
Patick Dovigi, founder and CEO of GFL, mentioned that the company’s legal home 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 relocation 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 solid presence in the United States, 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.”
GLF is among the largest companies of its kind in North America, employing more than 15,000 people.
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