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GFL Environmental Inc., which helps handle waste collection in the province, says it has moved its executive headquarters from Ontario to the United States.
The company says it’s now based in Miami Beach, Fla., while its jurisdiction of incorporation remains in Ontario.
GFL founder and chief executive Patrick Dovigi says the change broadens the company’s eligibility for participation in U.S. equity indexes.
“We expect this approach to gaining broader index inclusion will increase GFL’s visibility with investors and ultimately drive a wider shareholder base,” Dovigi said in a statement.
GFL provides solid waste management services in Canada and 18 U.S. states.
The U.S. represents more than two-thirds of its revenue.
RBC Capital Markets analyst Sabahat Khan noted GFL will maintain its TSX listing and incorporation in Canada, which means the company remains eligible to be added to indexes such as the TSX60.
“Russell indexes are ‘rules-based’ processes, implying that GFL is likely to be added at the next rebalance, which is expected to be in June,” Khan wrote in a report.
Speaking to reporters at Queen’s Park Wednesday, Premier Doug Ford said the company will still employ workers in the province.
“They’re still going to be employing thousands and thousands of people here,” Ford told reporters.
“They’re a global company,” he said.