ARDEX Americas Mansfield Manufacturing and Distribution Center recently received recognition from the Safety and Health Achievement Recognition Program (SHARP) for exemplary facility safety standards.
Asphalt “cutback” adhesive is an almost outdated product that was used for the last half century for installation of vinyl asbestos tile (va tile), vinyl composition tile (vct), and asphalt tile.
Although sales were up by more than $8 million over the previous year, Congoleum Corp. reported a $21.6 million loss in 2005 due to asbestos liabilities. A recently released financial report for the Mercerville, N.J.-based company indicates that expenses related to asbestos litigation grew significantly last year.
In a move that it hopes "will ultimately shorten the time it will take to get the asbestos problem completely behind us," Congoleum said it has agreed to modify its original settlement for asbestos claimants.
Congoleum Corp. said it has reached a settlement agreement with one of its excess insurance carriers over coverage for asbestos-related claims. Under the terms of the settlement, certain AIG companies will pay $103 million over ten years to the trust to be formed upon confirmation of Congoleum's proposed amended plan of reorganization. The settlement resolves coverage obligations of policies with a total of $114 million in liability limits for asbestos bodily injury claims, and is subject to final court approval and effectiveness of Congoleum's proposed amended plan of reorganization.
In a move that it hopes "will ultimately shorten the time it will take to get the asbestos problem completely behind us," Congoleum said it has agreed to modify its original settlement.
Congoleum Corp. has obtained the asbestos claimant votes necessary for approval of its pre-packaged Chapter 11 plan of reorganization, and has proceeded with its bankruptcy filing in Trenton, N.J.