In this episode of Asbestos Trusts, we uncover the story of NARCO (North American Refractories Company), a company born from the merger of two firebrick companies in 1929. Initially focused on manufacturing refractory cement, NARCO later expanded to produce various refractory products, many of which contained asbestos.
Refractory materials like firebrick were commonly used in high-temperature environments, such as stone fireplaces, furnaces, boilers, and pipes, making asbestos a prevalent component in NARCO's products. These materials found their way into a wide range of industries, including chemical, glass, cement, iron, steel, and nonferrous metals manufacturing.
From 1979 to 1986, NARCO was under the ownership of Allied Signal, now Honeywell International. However, the company faced mounting asbestos injury lawsuits in the late '90s, leading to significant financial challenges. Honeywell, as the previous owner, assumed some of NARCO's asbestos liabilities.
To cope with the increasing litigation, NARCO filed for Chapter 11 bankruptcy on January 4, 2002. After over a decade of legal proceedings, the NARCO Asbestos Trust was established in 2013, initially funded with $420 million.
According to the trust's annual financial report in 2021, 7,166 claims were settled, with $129,286,471 paid out in that year alone. Since its inception, the trust has disbursed a total of $428,133,265 in compensation to claimants. Notably, the current payment percentage for claims stands at an unusually high 100%.
In November 2022, NARCO and Honeywell reached a landmark $1.325 billion agreement, relieving Honeywell of any future obligations to fund claims against the NARCO Asbestos Trust and its annual operating expenses.
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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