Garlock Sealing Technologies Agrees to Create $480M Asbestos Trust
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.