Manitowoc Agrees to Pay $42.6 Million to Settle Alleged Clean Air Act Violations; Shares Fall

MT Newswires Live12-20

Manitowoc (MTW) shares were down 2.3% in recent Thursday trading after the company said it agreed to pay a $42.6 million civil penalty to settle claims related to alleged violations of the Clean Air Act.

The settlement with the US Environmental Protection Agency and the US Department of Justice resolves issues stemming from the Transition Program for Equipment Manufacturers, or TPEM, a program under the Clean Air Act.

As part of the agreement, Manitowoc said it will also complete an emissions mitigation project by upgrading a short-line locomotive engine in Maryland.

The company disclosed in 2022 that an internal investigation revealed potential compliance issues with the TPEM program, specifically regarding certain engines installed in its mobile cranes sold in the US between 2014 and 2017.

Price: 8.80, Change: -0.20, Percent Change: -2.27

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