Aerospace giant Honeywell International (Nasdaq: HON) has reportedly agreed to clean up water pollution at the Gary/Chicago International Airport to settle a lawsuit with the city. Our partners at The Times of Northwest Indiana report the manufacturer will pay the city $900,000 in cash or a building of equal value.
The potential settlement was disclosed in federal court records, according to The Times.
The legal dispute stems from a four-acre parcel of land the airport acquired to expand the runway. The land was previously used by Honeywell as a hazardous waste disposal plant operating from the mid-1960s to the mid-1980s.
The U.S. Environmental Protection Agency says the site generated pollutants that seeped into the soil and groundwater that drains into the Grand Calumet River.
The Indiana Department of Environmental Management ordered Gary to clean up the contaminated groundwater. The publication says the city has already spent more than $1 million on cleanup. It sued Honeywell four years ago to recoup some of the environmental costs.