GE Reserves $500 Million for Hudson River Cleanup
GE Reserves $500 Million for Hudson River
Cleanup
General Electric Co. reported on Thursday it plans to set aside an additional $500 million to cover the cost of dredging toxic chemicals it dumped into the Hudson River in New York more than 30 years ago. The additional costs would bring the company's total bill for the cleanup to $1.33 billion over two decades.
The largest conglomerate in the US, GE says it expects one-time gains, including a favorable tax settlement, to offset the after-tax charge, which it plans to absorb in the fourth quarter. The announcement did not alter the company's overall performance forecast for the quarter.
GE was ordered last week by the US Environmental Protection Agency to dredge deeper into the river to remove sediment containing PCBs which have been shown to cause cancer. GE had dumped the chemicals, which it used as an insulator in electric components, into a 40 mile stretch of the river north of Albany for three decades prior to discontinuing use of the chemicals in 1997. The company has already spent $830 billion since 1990 on the clean-up.
General Electric Co. reported on Thursday it plans to set aside an additional $500 million to cover the cost of dredging toxic chemicals it dumped into the Hudson River in New York more than 30 years ago. The additional costs would bring the company's total bill for the cleanup to $1.33 billion over two decades.
The largest conglomerate in the US, GE says it expects one-time gains, including a favorable tax settlement, to offset the after-tax charge, which it plans to absorb in the fourth quarter. The announcement did not alter the company's overall performance forecast for the quarter.
GE was ordered last week by the US Environmental Protection Agency to dredge deeper into the river to remove sediment containing PCBs which have been shown to cause cancer. GE had dumped the chemicals, which it used as an insulator in electric components, into a 40 mile stretch of the river north of Albany for three decades prior to discontinuing use of the chemicals in 1997. The company has already spent $830 billion since 1990 on the clean-up.
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