Montrose Environmental Group

Last updated

Montrose Environmental Group, Inc.
Company type Public
NYSE:  MEG (2020–present)
ISIN US6151111019
Founded2012;12 years ago (2012)
Headquarters Little Rock, Arkansas, U.S.
Number of locations
90 offices
Area served
Worldwide
Key people
Vijay Manthripragada
(President & CEO)
RevenueIncrease2.svg US$624.2 million (2023) [1]
Increase2.svg US$39.7 million (2023) [1]
Number of employees
3,500 (2024)
Subsidiaries See list
Website montrose-env.com

Montrose Environmental Group, Inc. (commonly shortened to Montrose) is an American multinational corporation that provides wide-ranging environmental services. The company is vertically integrated across the environmental industry and supports public and private sector clientele. Montrose is headquartered in Little Rock, Arkansas and incorporated in the U.S. state of Delaware. [2]

Contents

History

Montrose Environmental Group was founded in 2012, received investment from Oaktree Capital Management in 2018, and began trading on the New York Stock Exchange in July 2020. [2] [3] [4]

In 2019, Montrose subsidiary Enthalpy Analytical performed PFAS water testing for the town of Maysville in Jones County, North Carolina. [5] The company has performed similar testing for various municipalities and agencies, including Pender County, North Carolina. [6] [7] Enthalpy Analytical was also a contributor to a study titled Analysis and differentiation of tobacco-derived and synthetic nicotine products published in PLOS One. [8]

In 2021, the company moved its corporate headquarters from Irvine, California to Little Rock, Arkansas. [9] Arkansas Secretary of Commerce Mike Preston welcomed the company and wrote that "Montrose will be a great addition to the Arkansas business community" and Governor Asa Hutchinson wrote "I am confident that Montrose will find the [Arkansas] talent they need to grow and prosper for many years to come." [10] [11]

By 2020, Montrose subsidiary ECT2's water filtration and PFAS removal vessels had been deployed to more than 350 sites around the world and have supported water filtration efforts with various municipalities such as the city of Portsmouth, New Hampshire and the Anson-Madison Sanitary District. [12]

ECT2 has also deployed a patented resin system at the site of Pease Air National Guard Base which has treated tens of millions of gallons of contaminated water. [13]

In June 2022, Montrose was the victim of a "highly sophisticated" ransomware attack that impacted computers and servers within the company's Enthalpy Analytical laboratory network. [14] [15]

In 2023, Montrose representatives were selected to serve on a technical panel to support the development of new, enhanced air monitoring guidance for the State of Colorado Department of Public Health & Environment, Air Pollution Control Division. [16] The company has also been represented at the U.S. Environmental Protection Agency (EPA) National Ambient Air Monitoring Conference. [17]

In the aftermath of the 2023 East Palestine, Ohio, train derailment, railroad company Norfolk Southern hired Montrose subsidiary CTEH to address residents' concerns about health risks, design the testing protocol for the indoor air tests, run a resident hotline regarding fears of odors, fumes or health problems (working closely with the EPA), and publish an Air Sampling and Analysis Plan. [18] [19] [20] The same year, CTEH was contracted by Miami-Dade County to conduct air monitoring after a massive fire at the County Waste-to-Energy Facility. [21]

Montrose has also been contracted by the California Public Utilities Commission to help organizations and companies in the state maintain California Environmental Quality Act (CEQA) compliance. [22] The company has also adopted sustainability goals in alignment with the United Nations Sustainable Development Goals. [23]

As of 2024, Montrose has supported over 13 U.S. federal agency clients, including the Army, Air Force, Navy, Coast Guard, Maritime Administration, EPA, Department of Veterans Affairs, Food and Drug Administration, National Park Service, National Oceanic and Atmospheric Administration, Centers for Disease Control, Bureau of Land Management, National Institutes of Health, and the U.S. Fish and Wildlife Service. [24] [25] In October 2024, Montrose was awarded a five-year, $249 million contract from the U.S. Army Corps of Engineers to provide environmental support to the Mobile District, South Atlantic Division, including addressing air and water quality, PFAS, pollution prevention, and hazardous waste. [26] [27]

Operations

The company has over 3,500 employees and over 90 offices across the U.S., Canada, Europe & Australia. [28] [29] Services provided by the company include comprehensive air measurement and laboratory services, regulatory compliance, PFAS solutions, permitting, engineering, and remediation. [30]

Board of directors

The current president and CEO of Montrose is Vijay Manthripragada. [31] [32]

As of 2024, the current Montrose board members are: [33] [9]

Subsidiaries

As of 2024, Montrose has over 35 subsidiaries, including: [2] [34] [32] [35]

Controversies

CTEH toxicology reports

In 2019, a Grist report detailed Montrose subsidiary CTEH's alleged mishandling of toxicology reports, including work performed during a chemical explosion in Houston, Texas, that one toxicologist described as "a sloppy job." [36] [37]

CTEH plane crash

On February 22, 2023, a Beechcraft Super King Air with five employees of CTEH crashed near a 3M plant, killing all five on board. [38] [39] The employees were en route to investigate an explosion at a metal factory in Bedford, Ohio. [40] [41] [42]

Awards

Montrose has been awarded the Occupational Excellence Achievement Award for several years by the National Safety Council. [43] The company has also been named to the Engineering News-Record "Top Environmental Firms," ranking in the top ten. [44]

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References

  1. 1 2 10-K 2023.
  2. 1 2 3 "Annual Report" (PDF). Montrose Environmental Group, Inc. 2024.
  3. ↑ Brennan, Peter J. (July 26, 2020). "Montrose Environmental: Newest OC Star on Wall Street". Orange County Business Journal. Retrieved May 22, 2024.
  4. ↑ "Oaktree Invests in Montrose Environmental Group". WSJ. Retrieved May 22, 2024.
  5. ↑ "Maysville Sets Meeting on PFAS in Water". Coastal Review. June 13, 2019. Retrieved May 22, 2024.
  6. ↑ "Pender County Utilities takes proactive approach to ensure safe drinking water amid new EPA regulations". The Daily News. May 8, 2024. Retrieved May 22, 2024.
  7. ↑ "Pender County reports that existing efforts sufficiently filter PFAS from water, announces new plant". WECT News 6. May 7, 2024. Retrieved May 22, 2024.
  8. ↑ Cheetham AG, Plunkett S, Campbell P, Hilldrup J, Coffa BG, Gilliland S 3rd, Eckard S. Analysis and differentiation of tobacco-derived and synthetic nicotine products: Addressing an urgent regulatory issue. PLoS One. 2022 Apr 14;17(4):e0267049. doi: 10.1371/journal.pone.0267049. PMID 35421170; PMCID: PMC9009602.
  9. 1 2 "MEG | Montrose Environmental Group Inc. Company Profile & Executives - WSJ". www.wsj.com. Retrieved May 22, 2024.
  10. ↑ "Montrose Environmental Group relocates executive offices to Arkansas". KATV. August 10, 2021. Retrieved May 22, 2024.
  11. ↑ "Montrose Environmental Group Announces Relocation of Principal Executive Offices to North Little Rock, Adds 90 Jobs". Default. Retrieved May 22, 2024.
  12. ↑ Ketschke, Ross (January 11, 2023). "Maine company's technology cleaning PFAS contamination around the world". WMTW. Retrieved May 22, 2024.
  13. ↑ "Removing PFAS chemicals from wastewater being pioneered in Maine". newscentermaine.com. July 14, 2023. Retrieved May 22, 2024.
  14. ↑ Bannister, Adam (June 16, 2022). "Ransomware attack on Montrose Environmental Group disrupts lab testing services". The Daily Swig | Cybersecurity news and views. Retrieved May 22, 2024.
  15. ↑ "Montrose Environmental Group Issues Statement on Ransomware Attack". www.businesswire.com. June 14, 2022. Retrieved May 22, 2024.
  16. ↑ "State health department announces diverse technical panel to support development of new, enhanced air monitoring guidance". Department of Public Health & Environment. Retrieved May 22, 2024.
  17. ↑ "2024 National Ambient Air Monitoring Conference". www.epa.gov. December 22, 2023. Retrieved May 22, 2024.
  18. ↑ Lerner, Sharon (March 11, 2023). "Norfolk Southern hired the firm testing air in East Palestine homes. Experts warn the checks are lacking". The Guardian. ISSN   0261-3077 . Retrieved May 22, 2024.
  19. ↑ "East Palestine toxicology test relies on controversial consulting firm accused of serving corporate interest rather than public health". The Herald Journal. February 19, 2023. Retrieved May 22, 2024.
  20. ↑ "Air Sampling and Analysis Plan" (PDF). United States Environmental Protection Agency . CTEH. April 19, 2023.
  21. ↑ "Fire at County Waste-to-Energy Facility". www.miamidade.gov. Retrieved May 22, 2024.
  22. ↑ "Control-Silver Peak Project Proposed by Southern California Edison" (PDF). Montrose Environmental Group. 2024.
  23. ↑ Afolarin, Akinola Emmanuel (May 20, 2024), Sustainability at Montrose Environmental Group Inc. (SSRN Scholarly Paper), Rochester, NY, doi:10.2139/ssrn.4834570 , retrieved May 22, 2024{{citation}}: CS1 maint: location missing publisher (link)
  24. ↑ "USAspending.gov Report for Montrose Environmental Group, Inc". www.usaspending.gov. Retrieved May 22, 2024.
  25. ↑ Kempisty, David (2024). "Innovation Theater Presented by Montrose Environmental: Sustainable and Consistent". The Military Engineer. 116 (749): 95–95. ISSN   0026-3982.
  26. ↑ Li, Jasmine (October 15, 2024). "Montrose Environmental Shares Up 17% After Securing $249M U.S. Army Contract". MarketWatch .
  27. ↑ "Montrose Environmental Wins $249M Contract From Army Corps of Engineers". Arkansas Business — Business News, Real Estate, Law, Construction. October 16, 2024. Retrieved October 19, 2024.
  28. ↑ "News in brief: Arvest wins acclaim for retirement team | Arkansas Democrat Gazette". www.arkansasonline.com. May 11, 2024. Retrieved May 22, 2024.
  29. ↑ "MEG Stock Quote Price and Forecast". CNN. Retrieved May 22, 2024.
  30. ↑ "About Us". Montrose Environmental. Retrieved May 22, 2024.
  31. ↑ "Montrose Environmental emerges as a major EHS player". Environment Analyst Global. Retrieved May 22, 2024.
  32. 1 2 "Montrose Environmental Group Reports Mixed Q1 2024 Results Amid Strategic Growth Initiatives". Yahoo Finance. May 7, 2024. Retrieved May 22, 2024.
  33. ↑ "Leadership – Executive Team and Board of Directors – Montrose". Montrose Environmental. Retrieved May 22, 2024.
  34. ↑ "EX-21.1 Subsidiaries of the Registrant". United States Securities and Exchange Commission . Retrieved May 22, 2024.
  35. ↑ "Montrose Environmental Group Acquires Paragon Soil & Environmental Consulting; Terms Not Disclosed". markets.businessinsider.com. Retrieved June 6, 2024.
  36. ↑ Sadasivam, Naveena (March 22, 2019). "Katrina, the BP spill, now Houston: This consulting firm keeps coming under fire". Grist. Retrieved May 22, 2024.
  37. ↑ Dayen, David (March 3, 2023). "The Checkered Past of the Contractor Monitoring the Air in East Palestine". The American Prospect. Retrieved May 22, 2024.
  38. ↑ "CTEH officials identify victims in Little Rock plane crash near Clinton National Airport". KARK. February 23, 2023. Retrieved May 22, 2024.
  39. ↑ Turbeville, Ryan (February 23, 2023). "NTSB to begin investigation into deadly Little Rock plane crash Thursday". KARK. Retrieved May 22, 2024.
  40. ↑ Accident descriptionfor N55PC at the Aviation Safety Network . Retrieved on February 24, 2023.
  41. ↑ "Five people dead after plane crash near Little Rock 3M plant". thv11.com. February 22, 2023. Retrieved February 24, 2023.
  42. ↑ Miller, Remington (February 23, 2023). "5 from North Little Rock firm die in plane crash | Arkansas Democrat Gazette". www.arkansasonline.com. Retrieved May 22, 2024.
  43. ↑ "Montrose Receives Excellence Achievement Award". Montrose Environmental. March 6, 2018. Retrieved June 6, 2024.
  44. ↑ "Awards and Recognitions". Montrose Environmental. Retrieved June 6, 2024.
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