MAC: Mines and Communities

W.R. Grace to take $20 million charge for lawsuit

Published by MAC on 2002-12-27

W.R. Grace, though now bankrupt, has a long history of disregard for people and the environment, commencing with its invasion of the Brazilian Amazon in the 1960s. Its asbestos operations near Libby, Montana, are estimated to have poisoned 375 residents, of whom 200 have already died.

W.R. Grace to take $20 million charge for lawsuit

USA: December 27, 2002

Reuters News Service

COLUMBIA, Md. - Bankrupt chemical maker W.R. Grace & Co. (GRA.N) on Monday said it would take a $20 million charge in the fourth quarter to account for potential liabilities relating to a government lawsuit seeking recovery costs for environmental cleanup at Montana mining sites.

The company in a statement said it is likely it will face further costs for the suit, filed in U.S. District Court of Montana.

Grace said the U.S. Environmental Protection Agency claims to have spent about $57 million on cleanup for its previously operated vermiculite mining and processing sites near Libby, Montana. The agency expects total costs may be more than $100 million.

A trial of the suit is set for Jan. 6 2003.

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