Date: February 26, 2004
Source: News Room
Monsanto Co. (NYSE: MON) has agreed to take on the cleanup of a Sauget, Illinois landfill in Illinois to avoid paying federal penalties. The project would involve building a barrier wall at a cost of about $12 million around a landfill constructed by the former Monsanto Co. Monsanto had sought to avoid involvement in the cleanup, saying it was the responsibility of Solutia Inc., a company spun off from Monsanto in 1997. But the Justice Department threatened fines if Monsanto did not take on the work ordered by the EPA. Solutia filed for bankruptcy in December, saying it was overwhelmed by liabilities totaling $100 million a year, including environmental lawsuits. Monsanto continues to deny responsibility for the liabilities.
More information: www.monsanto.com.
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