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July 11, 2014
16:07 EDTZEPZep Inc. agrees to $905K penalty to resolve EPA claims
Zep Inc. disclosed in a regulatory filing that the company was served with a final, executed copy of a consent order between the company and the U.S. Environmental Protection Agency. Pursuant to the order, the company agreed to pay, on or before August 7, a civil penalty in the amount of $905K to resolve the EPA’s allegations that the company’s subsidiary sold an unregistered pesticide, sold a misbranded pesticide, and submitted false compliance certification statements to the EPA. "The company neither admits nor denies the EPA’s factual allegations and legal conclusions as set forth in the Consent Order. It agreed to the Consent Order to avoid the expense of litigation," Zep stated. The company recorded a charge against its earnings in 4Q13 in the amount of $250K with respect to this matter. The remaining $655K was recorded as a charge against its earnings in 3Q14.
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