PPG Industries Settles Asbestos Claims for $2.7 Billion

PITTSBURGH - PPG Industries, more than three dozen of its insurers, and counsel for asbestos claimants have reached an agreement to settle all current and future asbestos claims filed against the company and its bankrupt subsidiary Pittsburgh Corning. In re Pittsburgh Corning, No. 00-22876 (W.D. Pa., Bankr.)

The company announced the deal after business hours May 14 and said the settlement agreement will be filed as part of Pittsburgh Corning's Chapter 11 plan of reorganization, which will be submitted in U.S. Bankruptcy Court in Pittsburgh.

PPG owns half of Pittsburgh Corning, which filed for Chapter 11 protection in April 2000.