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April 28, 2011

Circor's unit emerges from bankruptcy protection

"Industrial machinery maker Circor International Inc said its valve manufacturing subsidiary, Leslie Controls Inc, has emerged from bankruptcy protection.

It had filed for bankruptcy protection in July in a bid to isolate and resolve asbestos-related personal injury claims as the claims had exceeded the unit's profit. [ID:nSGE66B0F6]

Circor said in July, that a trust would been formed to handle such litigation claims, with a fund of about $75 million.

Asbestos, once widely used in manufacturing, has been partially banned by the U.S. government after it was proven to cause cancer, often in people who were exposed by breathing in asbestos particles.

The company, which has a market value of about $784.8 million, said Circor and its unit Leslie Controls have funded trusts that will repay asbestos claims."

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April 28, 2011 in Current Affairs | Permalink


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