Manitowoc Company Resolves EPA Compliance Issues with Settlement
Manitowoc Company Settles with U.S. EPA Over Emissions Compliance
The Manitowoc Company, Inc. (NYSE: MTW), a global leader in engineered lifting solutions, has reached an agreement regarding a significant matter involving the U.S. Environmental Protection Agency (EPA). This resolution centers around the company's emissions certification and compliance process pertaining to the Transition Program for Equipment Manufacturers (TPEM), stipulated under the U.S. Clean Air Act.
Terms of the Agreement
As part of the settlement, Manitowoc will incur a civil penalty of $42.6 million. Moreover, the company is committed to executing an emissions mitigation project, which involves upgrading a short-line locomotive engine in Maryland. By fulfilling the conditions outlined in the Consent Decree, Manitowoc discharges any civil claims associated with its past participation in the TPEM program.
Background of the Issues
This resolution follows a previous alert regarding the internal investigation conducted by Manitowoc, which raised concerns that the company may not have entirely fulfilled the TPEM program's prerequisites for some engines installed on its mobile cranes sold in the U.S. between 2014 to 2017. Recognizing the seriousness of this matter, Manitowoc has prudently established a financial reserve to account for the settlement.
Manitowoc's Commitment to Environmental Standards
Manitowoc Company has consistently demonstrated a dedication to high standards in both product quality and customer satisfaction since its inception in 1902. With over a century of experience, the company remains committed to environmental responsibility and the delivery of innovative lifting solutions. The company’s headquarters is located in Milwaukee, and it operates globally through various wholly-owned subsidiaries and brand names.
Overview of Manitowoc's Offerings
With a diverse range of products, Manitowoc excels in manufacturing mobile hydraulic cranes, lattice-boom crawler cranes, boom trucks, and tower cranes. The company offers its equipment through well-known brands such as Grove, National Crane, Potain, and Shuttlelift. The strategic focus on engineering quality products has established Manitowoc as a trusted name in the industry.
Looking Ahead
As the company moves forward post-settlement, Manitowoc is poised to enhance its compliance frameworks, ensuring that all operational aspects align with environmental regulations. The company’s proactive measures not only aim to meet compliance but also emphasize its commitment to sustainability and responsible manufacturing practices.
Frequently Asked Questions
What is the nature of the settlement reached by Manitowoc Company?
The settlement involves a civil penalty of $42.6 million and a commitment to an emissions mitigation project focused on upgrading a locomotive engine.
Why did Manitowoc face issues with the EPA?
The company faced scrutiny due to potential non-compliance with the Transition Program for Equipment Manufacturers (TPEM) related to certain engines sold between 2014 and 2017.
What measures is Manitowoc taking to comply with environmental standards?
Alongside the settlement, Manitowoc is focused on enhancing its compliance processes and commitments to sustainability in its operations.
How long has Manitowoc Company been in business?
Manitowoc was founded in 1902 and has a rich history of over 120 years in providing engineered lifting solutions.
What products does Manitowoc offer?
Manitowoc manufactures a wide range of products including mobile hydraulic cranes, lattice-boom crawler cranes, boom trucks, and tower cranes, distributed under various brand names.
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