International Risk Group, LLC (IRG) Acquired the Former Compo Chemical Company, Inc. from Edison S.p.A. (Edison) along with Approximately 26.5 Acres of Contaminated Property. IRG will be Responsible for the Clean-up of the Former Shoe Adhesive Manufacturing Site in Mansfield, Massachusetts along with the Corporate Closeout of the Former Compo Chemical Company.
Over the last year IRG designed contracts to acquire the Compo Chemical Company through a stock purchase agreement, thus achieving the goals of Edison to be relieved of all liabilities associated with its former business practices and to dissolve operations within the United States. Elements of the transaction included a program designed by IRG to clean up contaminants at the former manufacturing site and manage any future liabilities. This program includes various insurance products including Environmental Cost Cap and Pollution Legal Liability Policies along with traditional general liability policies. Additionally, IRG prepared the legal documents designed to achieve transfer of liability and deal closure. To expedite the complex multinational business arrangement, IRG used its internal resources and experience to serve as the environmental and standard lines insurance broker, remedial consultant designing and approving work plan concepts, deal counsel providing legal expertise, and experience with multifaceted Brownfield transactions for a successful business deal. Over the next two years, IRG will be cleaning up the site under the Massachusetts Licensed Site Professional Program and in accordance with the Massachusetts Contingency Plan. IRG will be working with the local community and stakeholders to design a redevelopment plan commensurate with the sites highest and best use. International Risk Group, LLC, is an impaired asset investment banking and environmental risk management firm headquartered in Denver, Colorado. The firm specializes in acquisitions, divestitures, mergers, liability assumptions, public to private transfers, valuations and impaired asset advisory services for assets with valuations between $1 million and $1 billion and with liabilities between $1 million and $300 million. International Risk Group, LLC is located at 7991 Shaffer Parkway, Suite 300, Littleton, CO 80127. Phone: 303.972.6633 Fax: 303.948.4155 Contact Jarrett Laraway at jlaraway@irgco.com for more information. |
Littleton, Colorado - IRG Mansfield, LLC, a wholly-owned subsidiary of IRG, acquired the former Compo Chemical Company, Inc. in a stock purchase agreement on June 16, 2008 from the Italian-based Corporation, Edison. The former Compo Chemical Company made shoe adhesives from the early 1940's until 1988 at the 26.3-acre manufacturing site located in Mansfield, Massachusetts.