Printer Friendly

AEROVOX ANNOUNCES FINAL SETTLEMENT OF ENVIRONMENTAL LITIGATION

 AEROVOX ANNOUNCES FINAL SETTLEMENT OF ENVIRONMENTAL LITIGATION
 NORTH DARTMOUTH, Mass., June 24 /PRNewswire/ -- Aerovox Incorporated has announced that the consent decree regarding the settlement of environmental claims against the company has become final and no longer subject to appeal.
 This final settlement resolves all of the governments' claims against Aerovox and Belleville Industries, a predecessor company, resulting from alleged PCB contamination of the Acushnet River and the New Bedford Harbor. The Superfund law provides that the governments may not seek additional damages from Aerovox after the final settlement, unless previously unknown conditions are later discovered at the contamination site.
 Under the decree, Aerovox and Belleville will pay a total of $12.6 million for past and future response and cleanup costs. According to Aerovox President Clifford H. Tuttle, funds for the settlement have been reserved and payment to the governments which is now due will have no effect on earnings.
 "This takes care of Aerovox's major environmental problems," Tuttle noted. "We are very pleased to have it behind us, particularly after nine years of litigation and over two years expecting imminent closure."
 Aerovox is the largest manufacturer of a complete line of AC film and paper capacitors in North America and has the largest manufacturing capability for DC film capacitors in the United States.
 -0- 6/24/92
 /CONTACT: Mary Mandeville, manager of communications for Aerovox, 508-995-8000/ CO: Aerovox Incorporated ST: Massachusetts IN: SU:


CN -- NE011 -- 3292 06/24/92 12:22 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 24, 1992
Words:243
Previous Article:AMERICAN HONDA MOTOR CO. REPORTS SECOND 10-DAY, MONTH-TO-DATE AND YEAR-TO-DATE SALES FOR JUNE 1992
Next Article:REENGINEERING GIVES COMPANIES COMPETITIVE EDGE ACCORDING TO IBM SURVEY AT AIIM
Topics:


Related Articles
AEROVOX PURCHASES VARIOUS CORNELL-DUBILIER ASSETS
AEROVOX REPORTS SECOND QUARTER EARNINGS
AEROVOX REPORTS THIRD QUARTER EARNINGS
AEROVOX TO DEVELOP NEXT GENERATION CAPACITORS FOR U.S. ARMY ELECTROMAGNETIC ARMAMENT TECHNOLOGY
AEROVOX TO ACQUIRE CAPACITOR MANUFACTURER AERO M
AEROVOX CEO, CLIFFORD TUTTLE, RESPONDS TO INQUIRY
AEROVOX ACQUIRES ASSETS OF BRITISH CAPACITOR MANUFACTURER BH COMPONENTS
AEROVOX REPORTS FIRST QUARTER EARNINGS
AEROVOX TO LEASE PLANT IN MEXICO
AEROVOX COMMENTS ON EXPECTED THIRD QUARTER

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters