PPG to Pay $450 Million in Asbestos Settlement Payments Starting in 2007
PPG Industries Inc. of Pittsburgh will likely begin paying $450 million as part of an asbestos settlement in the first half of 2007, according to reports from the Bloomberg News.
Reportedly, payments are expected to begin soon after Pittsburgh Corning Corp., a 50-50 joint venture with Corning, Inc., emerges from bankruptcy. Pittsburgh Corning filed for Chapter 11 bankruptcy protection in April 2000 due to the number of asbestos claims raised against the company. According to the article, PPG faces approximately 116,000 personal-injury claims made by people who came into contact with asbestos in the pipe insulation the company once sold.
A Pittsburgh judge overseeing the bankruptcy case expects to approve a reorganization plan by year-end. The reports added that PPG would start funding the settlement with cash once the agreement is final.
At press time, comment was unavailable from PPG.
In the GANA directory featured in the November 2006 issue Glass Group (www.glassgroup.com) was accidentally omitted from the membership information provided to USGlass. The company’s phone number is 303/780-7323; fax 303/850-4869.
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