Garlock’s Parent Company Announces Agreement to Fund Resolution of Asbestos Claims

CHARLOTTE, N.C. –– Garlock Sealing Technologies’ parent company says it has reached an agreement with the court-appointed legal representative of future asbestos claimants in its ongoing bankruptcy proceedings, which will require a total of $357.5 million to “fund the resolution of all asbestos claims.”

The agreement, announced by EnPro Industries Inc. late yesterday, is expected to be opposed by a committee representing current asbestos claimants and their attorneys. EnPro said it will file a revised bankruptcy plan with the U.S. Bankruptcy Court for the Western District of North Carolina outlining the agreement.

In its press release, EnPro explained that …