Weekly News Bulletin: Nov. 8-14, 2001


Waste Management Inc. Agrees to Settle Class-action Lawsuit for $457 Million

Waste Management Inc. has agreed to pay $457 million to settle a class-action lawsuit claiming its executives misled investors about the solid waste giant¹s finances two years ago to drive up the stock price. The settlement, announced Wednesday, resolves all claims of securities law violations alleged after the Houston company in 1999 lowered its earnings expectations, acknowledging it contained certain unusual pretax items. Shareholders who purchased or sold shares of Waste Management Inc. between June 11, 1998, and Nov. 9, 1999, may file a claim for damages...Read More »



Mcdonald1s Expands Use of Earthshell Packaging

EarthShell Corporation (NASDAQ:ERTH) of Santa Barbara, Calif. has announced that EarthShell Packaging containers for the McDonald¹s Big Mac sandwich will be supplied to all McDonald¹s restaurants throughout the Chicago area beginning this month. After Chicago, the next phase of expansion is to restaurants on the West Coast. The company is prepared for West Coast expansion, which they anticipate within the next 30 to 60 days. The EarthShell containers, which company officials tout as much less environmentally harmful, are made from natural limestone, reclaimed potato starch, 100% post-consumer recycled fiber, biodegradable polymer and wax coatings, and water...Read More »



EPA Announces $359 Million Basin Clean Up

The federal EPA has begun preparing to take bids for a $359 million clean up of the Silver Valley Mining Basin in the northwest United States. The contaminated Silver Valley Region is home of one of the EPA¹s most notorious "Superfund" sites, the Bunker Hill mine site in Kellogg, Idaho. While the agency has made much progress on the Bunker Hill smelter site, attention is now turning to the area along the 150 miles of the Coeur d'Alene river basin, from Montana to Washington State, creating the nation¹s largest Superfund site. For more than 100 years, mines in a 40-mile strip of the Idaho panhandle produced much of the nation¹s silver. The mining and smelting released lead and other dangerous metals into the Coeur d¹Alene River Basin. The river carried those metals into Lake Coeur d¹Alene, and then into Washington through the Spokane River...Read More »



IT Group Names New Acting President/CEO

Pittsburgh-based environmental engineering and construction firm IT Group Inc. (NYSE:ITX) has announced that Vice Chairman Francis Harvey has been named acting president and chief executive, succeeding Anthony DeLuca, who resigned. In recent months, IT Group has struggled to make a profit. It reported a quarterly net loss of $1.1 million on Oct. 20. Earlier this month it retained Lehman Brothers to help it explore ways to cut its debt, including through the possible sale of some of its businesses...Read More »



Innovest Reports Environmentally Conscious Auto Parts Companies See Stock Improvement

Top environmental performers in Innovest Strategic Value Advisors¹ annual investment research report on the Global Auto Parts sector posted accumulated returns over 48.8% higher than environmental laggards over a 3-year period, and 6% higher returns over 1-year, Innovest has reported. Denso Corp. and Snap-On emerged as the top ranked companies in Innovest¹s annual survey, which assessed the performance of 18 of the world¹s leading automotive parts and supply companies in areas such as environmental management, resource usage, climate change, product life cycle analysis and sustainability-related profit opportunities in new markets. Federal Mogul and Genuine Parts were the lowest rated firms...Read More »



Versar, Inc. Will Support Defense Demilitarization Program in Russia

Versar, Inc. (Amex: VSR) of Springfield, Va. has been selected by the Air Force Center for Environmental Excellence to support the $5 billion Strategic Offensive Arms Elimination Program, which includes the destruction of Soviet solid fuel missiles as part of the Strategic Arms Reduction Treaty. Versar will be the technical integration contractor for a team of U.S. and Russian companies, responsible for supporting the completion of the design packages, development of the construction bidding documents, and overseeing the construction of missile deposition/destruction facility in Votkinsk, Russia. The initial value of this selection has been estimated in the $3 to 5 million range...Read More »



EPA Selects Novozymes North America, Inc. to National Environmental Performance Track Program

The U.S. Environmental Protection Agency has selected Novozymes North America, Inc. as a member of the National Environmental Performance Track Program. Performance Track is a government program that recognizes and rewards businesses for exceeding environmental protection standards. Novozymes joins 251 current members nationwide, including small businesses and large corporations in both the manufacturing and service sectors, as well as public agencies. Companies in EPA¹s Performance Track Program have demonstrated superior environmental performance in the past, and as a requirement of membership, pledge to go even further in the future. Novozymes North America, Inc. has promised to reduce solid waste by an additional 15%, increase recycling beyond what is now in place, and reduce the land application of process residuals by 25%...Read More »



EPA Admits Pollution Rule Not Likely to Arrive in 2001

The U.S. Environmental Protection Agency has acknowledged it will likely miss its self-imposed deadline for issuing stricter power plant air pollution standards by year¹s end. The Bush administration¹s proposal is awaited by the Senate Environment Committee, who has pledged to push ahead with legislation requiring drastic cuts of at least 75% in four pollutants spewed by U.S. utilities. Utility executives and a recent EPA study claim limits on all four pollutants and mercury plants to close at a time when they say the nation needs more energy. Environmental groups and some Democrats say more stringent limits are needed to protect public health...Read More »


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