Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Advanced Engine Technologies (AENG) -- Ignore unavailable to you. Want to Upgrade?

To: Sir Auric Goldfinger who wrote (2115)	10/22/1998 8:05:00 PM
From: LIQPLMBER	Respond to of 3383

HEY LIAR, MORE GOOD NEWS FOR AENG Just reading a nice little article about the future of engines to come. Pretty hefty fines. Things are going to change U.S. Diesel Engine Makers Reach $1 Billion Deal By James Vicini WASHINGTON (Reuters) - The U.S. federal government announcedThursday that seven manufacturers of diesel truck engines agreed to a record environmental deal exceeding $1 billion tosettle charges they illegally polluted the air. Two agencies said the agreement included the largest-ever civil penalty, $83 million, and resolved allegations that the engines in as many as 1.3 million trucks built over the last 10years had devices that defeated pollution controls. The U.S. Environmental Protection Agency (EPA) and theJustice Department said the settlement covered Caterpillar Inc. (CAT - news),Cummins Engine Co. Inc., Navistar International Corp. (NAV - news), theDetroit Diesel Corp. (DDC - news), Mack Trucks, Renault SA and Volvo. Under the settlement, the companies will spend more than $1billion for corrective action, future improvements and thefines, federal officials said. Federal officials charged that the companies had violated the law by selling heavy-duty diesel engines equipped with ''defeat devices.'' The devices consisted of software that allowed engines tomeet standards during laboratory testing, but disabled theengine's pollution control equipment during highway drivingconditions. ''That's what it is -- high-tech cheating,'' Carol Browner, the EPA administrator, said at a Justice Department news conference to announce the settlement. ''These defeat devicesare really deceit devices.'' Joining Browner was Attorney General Janet Reno who said, ''The companies that dominate this single industry are coming together to correct their environmental violations. It is the largest settlement in the history of the Clean Air Act.'' ''The diesel engine industry has illegally poured millionsof tons of pollution into the air. It's time for the industry to clean up its act and clean up our air,'' Reno added. The companies maintained they did nothing wrong. In a statement issued at its corporate headquarters in Peoria, Illinois, Caterpillar called the agreement ''good for the environment'' and ''in the best interests of our company,our employees, our customers and our shareholders.'' ''Our engines have never employed any type of device to evade EPA guidelines,'' Caterpillar Vice President Sid Banwart said. ''Our engines have always been in compliance with theClean Air Act and EPA emissions regulations.'' Chicago-based Navistar International Corp. said it also believed its engines complied with the law, but that the settlement was ''the appropriate way to avoid an argument with the EPA and get this issue behind us.'' Ludvik Koci, Detroit Diesel's vice chairman, said, ''Thiscompromise avoids the costs and uncertainties that would resultfrom protracted and complex litigation.'' The companies said they will spend at least $850 million to introduce cleaner new engines, rebuild older engines to make sure they give off fewer emissions, recall pickup trucks that have the devices and conduct new emissions testing. They also will spend $109 million for additionalenvironmental projects, such as the development of newemission-control technologies. Browner declined comment on whether there was a criminalinvestigation, separate from the civil settlement. She also vigorously defended the decision not to order a recall for large trucks, saying the devices would be replaced as engines are rebuilt, typically over a three-year period. The agreement also required the companies to sharply reduceemissions from new engines by the end of the year and then meet levels beyond what the law requires in four years, the officialssaid. In all, the agreement is expected to reduce nitrogen oxideair pollution from diesel engines by one-third in five years.The settlement was filed in federal court in Washington, D.C.<!-- TextEnd -->