The merger of Grieve Gate Company and American Stoker Company formed Combustion Engineering (CE) in 1912. CE began as a manufacturer of steam control and energy control systems and expanded into boiler production.
The company’s welded boilers were manufactured with asbestos containing insulation beginning in the 1930s. CE boilers were used in some Navy ships during World War II.
In 1948, the company added steam engines to its inventory through a merger with Superheater Company. It also distributed asbestos products made by other manufacturers before it began to make its own.
The type of equipment manufactured by CE was often required to maintain a specific - usually very high - temperature to keep running optimally. The use of asbestos containing components like insulation, valves, and gaskets was extremely common among this type of equipment.
CE went on to become one of the most notorious names in the asbestos industry, first appearing in personal injury claims in the 1960s.
It was acquired by ABB Group in the 1980s, bringing hundreds of thousands of asbestos claims with it to the new company. Due to the burden of these lawsuits, CE filed for Chapter 11 Bankruptcy on February 17, 2003.
It took 3 years for the reorganization of the company to be completed and for the asbestos injury trust to be formed. In 2006, the Combustion Engineering Asbestos Personal Injury Settlement Trust was established under its Chapter 11 Plan of Reorganization with about $33 million.
The money for the trust usually comes partially from the company and partially from its insurers.
In 2021, 16,052 claims were filed with the Trust, according to its annual financial report. The current payment percentage is 18.5%, meaning that claimants will receive 18.5% of the designated payment value for their specific injury.
The report also details that $30,083,498 was paid out in claims in 2021, adding to the $957,375,764 that has been paid by the Trust to date. There is over $500 million available in funds in the trust for the payment of future claims.
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.
Email directly at help@asbestosclaims.law.
Or call anytime at (833) 4-ASBESTOS (427-2378).
