AVENTIS CROPSCIENCE Confirms that it has no financial liability for Iron Mountain Superfund Site
The Aventis involvement results from a 1987 purchase from ICI of Stauffer Chemical Company by Rhone-Poulenc Inc, a predecessor of Aventis. Stauffer Chemical Company no longer owned the Iron Mountain site at the time of the 1987 purchase. As part of the purchase, Aventis received a complete indemnity for the Iron Mountain site from the ICI organizations, now including ICI, AstraZeneca and Stauffer Management Company. As a successor to Stauffer Chemical Company which had once owned the Iron Mountain site, Aventis CropScience was required by the EPA and the State of California to also sign the Settlement Agreement entered into among Stauffer Management Company, the EPA and the State of California. Under the indemnification, Stauffer Management Company is obligated to make all payments required by the Settlement Agreement. It is our understanding that the total cost will be approximately $160 million, not $1 billion as stated in recent news reports, however, whatever the amount Aventis will not incur any cost.
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