Petition Closed

City of Portland should divest from Precision Castparts

This petition had 184 supporters

The city of Portland, OR currently has $4.8 million in holdings in Precision Castparts. This petition is to request that the Socially Responsible Investments Committee recommend to the City of Portland that Precision Castparts be placed on the City's Corporate Securities Do-Not-Buy List and that the City divests its current holdings in the company.

Open comment period for recommendations available until October 31st.

Evidence shows that Precision Castparts has a long standing history for polluting the air, water and soil in the neighborhoods surrounding their Portland facility. 35 years ago they dumped more than 21,000 cubic feet of toxic waste (including radioactive) in an unlined landfill, 20.5 tons of toxic waste build-up was found in the drain pipe which exits into Johnson Creek and they continue to emit heavy metal toxics as much as 4 times over health-based benchmarks; exposing more than 10,000 residents to toxic air.

They were charged by the Federal Trade Commission for an aquisition that would afford them market power and price control.

The National Labor Relations Board investigators found Precision had authorized the mistreatment of employees who attempted to unionze while offering rewards to anti-union supporters.

Since 2008, OSHA has cited Precision with at least 62 serious violations; 9 of which may have resulted in death. In 2001 an employee died after falling into a vat of caustic acid and OSHA investigated complaints include fall protection, respiratory protection and materials handling.

The SRIC is charged with the review and recommendations of investments which are of concern to the ethics and principles as described by Council.

To use taxpayer dollars and invest them in a company which has exploited our community for decades adds insult to injury and does not truly reflect the values of our city.

Thank you.

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