Beginning in 1959, Celotex Corporation manufactured products used widely in the construction industry and by non-commercial consumers looking to do their own home improvements.
Its parent company was another well-known company in the asbestos industry, Philip Carey, which manufactured insulation materials for different types of industrial equipment.
In the same year that it was founded - 1959 - Celotex acquired a company named Carey-Canada, Inc., which functioned as an asbestos mining and milling operation.
With this acquisition, Celotex was able to expand its product line to include asbestos-containing paper, sealing materials, and pipe covering.
Miners of Carey-Canada’s mine in Quebec were about as close as one can get to raw asbestos fibers, putting them at high risk of exposure.
Also in close contact were Celotex factory employees, who worked with the fibers to manufacture Celotex products and were also at risk for developing asbestos-related diseases.
Beyond that, consumers who purchased Celotex products, and tradesmen like insulation workers, boilermakers, pipefitters, and construction workers were similarly at risk.
Even residents that lived near the asbestos mine were at risk from airborne fibers, which is considered environmental exposure.
In 1964, Celotex was acquired by Walter Industries and Philip Carey Company was acquired by Rapid American Corporation in 1967.
Celotex stopped using asbestos in its products in the early 1980s.
Around the same time, personal injury lawsuits against the company began piling up, amounting to over 350,000 claims over the next 18 years.
Celotex and Carey-Canada, Inc. together filed for Chapter 11 bankruptcy on October 12, 1990. The Celotex Corporation Asbestos Trust was founded in 1998, with over $400 million. That money comes partially from the companies, and partially from insurers.
In 2021, 11,337 claims were settled with the Trust, according to its annual financial report.
The current payment percentage is 8%. That means that each of the 11,337 claimants received 8% of the predetermined amount of compensation that is designated for their specific injury.
The report also details that it paid $40,691,823 in claims in 2021, contributing to the $1,358,539,635 the Trust has paid since it was established. There is still roughly over $400 million remaining in the trust.
We’ve helped thousands of people receive the compensation they deserve for their asbestos injuries. Let us help you. You can contact asbestos attorney Justinian C. Lane at Asbestos Claims Law via his website at http://www.AsbestosClaims.law.
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Or call anytime at (833) 4-ASBESTOS (427-2378).
