Garlock Strikes $358M Accord With Future Asbestos Claimants

By Caroline Simson (January 14, 2015, 10:22 AM EST) -- Garlock Sealing Technologies LLC has reached an "unprecedented" agreement with future asbestos claimants in its bankruptcy case that includes a $358 million settlement of all asbestos injury claims against the company and a revised reorganization plan.

The future asbestos claimants and Garlock's parent company, EnPro Industries Inc., announced the accord Tuesday night, saying the amended plan "provides generous payments to all claimants with a compensable disease and meaningful contact with [Garlock's] asbestos-containing products during the course of their working careers."

EnPro said the current after-tax value of the plan will be $205 million, and that it expects an additional pre-tax amount...

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