GFL Environmental Inc. Provides Update on 2024 Capital Allocation Strategy

About this update from Gfl Environmental Inc

[{"type":"text","content":"\n \n \n \n GFL Environmental Inc. Provides Update on 2024 Capital Allocation Strategy\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: TOP; TEXT-ALIGN: LEFT; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; BORDER-BOTTOM:black 0pt; BORDER-LEFT:black 0pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VAUGHAN, ON\n \n \n ,\n \n \n Nov. 29, 2023\n \n \n /CNW/ - GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) (\"GFL\", \"we\", \"our\" or the \"Company\") today provided an update on its capital allocation strategy for 2024.\n \n \n \n \n \n \n \n \n \n \n Patrick Dovigi\n \n , GFL's Founder and Chief Executive Officer said, \"We remain committed to making the disciplined capital allocation decisions that we expect will generate outsized returns while continuing on our trajectory of de-levering the business, with a focus on moving toward an investment grade credit rating. In order to align expectations for 2024, we are also providing detail on our planned growth capital expenditures for the coming year.\"\n \n \n Mr. Dovigi continued, \"Our growth capital expenditures in 2024 will focus on sustainability investments and the continued execution of our M&A strategy. We believe that the sustainability-related investments we are making represent the best risk adjusted returns that we have seen in decades. On M&A, our investments in 2024 will be focused on densifying our existing footprint. Given our current pipeline, we are confident that we can deploy capital into these accretive opportunities at attractive valuation multiples consistent with our track record.\"\n \n \n The details of the incremental growth capital expected to be deployed by GFL in 2024 are as follows:\n \n \n \n \n $250 million\n \n to\n \n $300 million\n \n in investments related to renewable natural gas (\"RNG\") projects, material recovery facilities and other infrastructure primarily related to op...

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