Green For Life Environmental (GFL), the ubiquitous waste management company that holds numerous
local garbage contracts, announced on Wednesday that it is moving its corporate headquarters from Vaughan to Miami, resulting in about “a dozen” job losses, its CEO told CityNews.
In a release the company said the relocation “is intended to broaden GFL’s shareholder base via eligibility for inclusion in major U.S. equity indices” while stressing that it will continue to “grow its existing Canadian footprint and maintain its Canadian jurisdiction of incorporation and TSX listing.”
Patick Dovigi, founder and CEO of GFL, said the company’s jurisdiction of incorporation — essentially its legal home — will remain Ontario.
When asked about job losses, Dovigi told CityNews “about a dozen” employees would be affected.
Dovigi stressed that the move was intended to be a boon to 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 wrote 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 foothold south of the border, with Dovigi saying the U.S. currently represents over two thirds of its revenue.
“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 one of the largest companies of its kind in North America, with a workforce of more than 15,000 employees.
