Successor Liability Bill Fails in Pennsylvania House
July 16, 2001
HARRISBURG, Pa. - A legislative measure that would have limited the asbestos liability of a successor company to the amount its predecessor was worth when the two merged has been defeated in the Pennsylvania legislature.
State lawmakers defeated the bill June 21, dashing any hopes by Philadelphia-based Crown Cork & Seal that it would be able to offset the more than $100 million it has set aside this year for payment of asbestos-related claims.
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Crown Cork & Seal owned the insulation operation of Mundet Cork Corp. for three months in the early 1960s and has faced asbestos-related claims as …
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