The parent company of Aerovox has reached a settlement with the EPA regarding the New Bedford Harbor Superfund Site.

AVX Corp. has agreed to pay over $366million plus interest to be used to expedite the cleanup of PCBs in the New Bedford Harbor.

The announcement was made today by Mayor Jon Mitchell and Attorney General Martha Coakley. Coakley says the settlement couldn't have come at a better time.

The settlement follows an April enforcement order issued by the EPA to AVX to implement the ongoing cleanup at the harbor site.

The settlement will dramatically speed up clean up efforts, bringing the timeline from 40 years to just 5-7 years.

The agreement is pending approval by a federal judge. It should be finalized in about a month.