Garlock Sealing Technologies LLC (“Garlock”), as part of a settlement agreement involving Garlock’s owner, direct parent, and current and future asbestos claimants, will establish a $480 million trust to be used for United States asbestos claims.  Garlock is to provide $400 million up front, with another $80 million to be added within one year.  After-tax value would be $284 million. 

The settlement must be approved by the claimants, the North Carolina bankruptcy court, and the U.S. District Court.  The plan could be approved as early as summer 2017.