Industrial manufacturing conglomerate EnPro has reached a preliminary $480 million asbestos settlement over a case involving current and future asbestos exposure claims against the company’s subsidiaries.

Once the asbestos settlement is granted approval by both the claimants and the courts, the agreement will mark an important milestone in protecting its parent company Goodrich Corp. from any liability related to asbestos exposure.

In order to move forward, at least 75 percent of the asbestos claimants will need to be in favor of the plan, and unless there are any unusual objections, the plan will be finalized in the middle of next year.

Steve Macadam, president and CEO of EnPro stated, “This comprehensive, consensual statement will bring us full, complete and permanent relief from asbestos litigation and will achieve complete and total peace with the asbestos plaintiffs’ bar.”

Enpro Asbestos Settlement Details

The deal will also serve to eliminate annual expenses that EnPro has been paying in the amount of about $25 million to pay for the asbestos exposure claims resolution process currently underway in the U.S. Bankruptcy Court for the Western District of North Carolina connected with bankruptcy proceedings against Garlock Sealing Technology, an EnPro subsidiary.

The asbestos settlement will include a trust fund to pay for current and future asbestos exposure claims that are to be included as a part of the bankruptcy reorganization plan for Garlock.

Once the reorganization plan receives approval, EnPro will contribute $400 million to the trust fund for payment of current and future asbestos exposure claims. A year later, EnPro will contribute another $80 million as part of the reorganization plan on the first anniversary of its approval.

In addition to the asbestos settlement trust fund, EnPro has set aside another $17 million to resolve current and future Canadian asbestos exposure claims.

“This agreement will bring to a close our history of managing asbestos claims, which began well before EnPro became an independent company 14 years ago,” Macadam stated. “And it will allow us to proceed into a future unimpeded by the costs and distractions of managing asbestos lawsuits.”

Asbestos Exposure and Lung Cancer

Exposure to asbestos has been linked to several serious health issues, with the most common being lung cancer and mesothelioma, another type of cancer. Mesothelioma and lung cancer are both direct results of inhaling the asbestos fibers and having the fibers lodge in the body leading to abnormal cell growth.

The difference between mesothelioma and lung cancer are the locations where the cancer is found. Mesothelioma is found in the mesothelial lining surrounding the lungs or other organs, where lung cancer is found in the lung itself. Both conditions are very serious and are often fatal.

Asbestos Exposure Lawsuit Information

If you or a loved one have developed lung cancer, mesothelioma or another condition following asbestos exposure, you may have a legal claim. An experienced attorney can review your case at no charge and can guide you in making a legal decision that is right for you.