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Article: PPG agrees to $2.7-billion asbestos settlement. (Top of the Week).(PPG Industries)(Brief Article)
- Article from:
- Chemical Week
- Article date:
- May 22, 2002
- Author:
CopyrightCOPYRIGHT 2002 Access Intelligence, LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PPG Industries and its insurers say they will pay $2.7 billion to settle pending and future asbestos litigation through a reorganization plan for PPG's bankrupt subsidiary Pittsburgh Corning. The agreement, which must be approved by federal bankruptcy court, would clear PPG of all future asbestos-related liability related to Pittsburgh Corning. PPG will rake a $500-million after-tax charge next year, if the final settlement is approved. It also will turn over 1.4 million of its shares, worth about $80 million, to a trust that will administer payments to asbestos claimants. PPG's insurers will pay about $1.7 billion to the trust.
PPG has a 50% stake in Pittsburgh ...