President Jeff Powers speaks on behalf of Powers Fasteners Inc. and commenting on the disposition of the Commonwealth’s claims against the company in connection with the Big Dig accident of 2006.

Speaking on behalf of Powers Fasteners Inc. and commenting on the disposition of the Commonwealth’s claims against the company in connection with the Big Dig accident of 2006, President Jeff Powers said as follows:

“We applaud the Attorney General for her willingness to dismiss the indictment against Powers Fasteners,” Powers said. “Today our company accepts its share of responsibility as one of many businesses involved in the construction of the tunnel. We also accepted our responsibility to the Del Valle family one year ago, being the very first to compensate them for their loss. As a family-run company, which recently lost one of its own in a tragic roadway accident, we continue to feel for the Del Valle family, and we appreciate the supportive sentiments they have expressed to and for us.

“Unlike most of the other companies involved in the Big Dig, Powers Fasteners is a very small company with just 240 employees. The indictment alone has put enormous stress on our business and our people-in an economic environment posing its own special challenges. We are very happy to bring to a close this difficult chapter for all concerned.

“In 1999, Powers provided an engineering report on its epoxy types to all involved in the tunnel’s construction. The report clearly stated that the standard setting version of our epoxy (“Standard Set”) was approved by the International Conference of Building Officials for long-term loads, but that the fast setting version (“Fast Set”) was approved only for short-term loads. Powers sold Standard Set to the distributor supplying the Big Dig, believed that Standard Set was used for the ceiling, and was never told otherwise. Nonetheless, the NTSB determined that Fast Set epoxy was used for the long-term suspension of the concrete ceiling panels that, seven years later, fell and caused death and injury.

“Since the accident, much has been learned about epoxy creep and the need for proper training in the selection and installation of adhesive anchors. Powers, which recently earned ISO-9000 certification for its quality control systems, is committed to a continued effort to implement best quality practices in our industry sector. One example is Powers’ investment in training and education of the new 2006 International Building Code and its AC-308 adhesive anchor standard which is one very strong step by our industry in assuring that an accident like this never happens again. In this spirit, we welcome the corporate compliance agreement and expect to document full compliance within a matter of weeks.”