Sealed Air Corp. Settles Asbestos Personal Injury, Transfer Claims

SADDLE BROOK, N.J. - Sealed Air Corporation announced Nov. 29 that it has agreed in principle to a deal that would resolve all pending and future asbestos-related products liability claims filed against the company.

The company said in a statement that the deal, which is worth more than $500 million in cash and company stock, will be incorporated into the Chapter 11 reorganization plan of W.R. Grace & Co, which filed for bankruptcy protection in April 2001. If the deal is approved, all asbestos-related claims against the company will be channeled into a trust established as part of Grace's reorganization …