Clean Harbors Inc. said Tuesday that it plans to spin off its oil and gas field services unit as a separate publicly traded company following a strategic review of its business.
The environmental services company said it could take more than a year for the spinoff to be completed.
Clean Harbors shares rose $1.38, or 3 percent, to $47.26 in morning trading.
The company also kept its 2014 revenue outlook for the year unchanged. It still expects revenue between $3.40 billion and $3.42 billion, above the $3.39 billion analysts expected, according to FactSet. The company expects to report its fourth-quarter and 2014 results on Feb. 25.
Clean Harbors also said it named Eric Gerstenberg as its chief operating officer, a new position at the company. Gerstenberg, 45, has worked at Clean Harbors for more than 20 years, most recently as president of environmental services.