Asbestos firms Bondex and Garlock file for Chapter 11 bankruptcy protection
Two companies facing thousands of asbestos lawsuits, Garlock Sealing Technologies and Bondex International, have filed for Chapter 11 bankruptcy protection, according to recent articles in the Wall Street Journal and Reuters. More than 100,000 lawsuits have been filed against the two companies by plaintiffs who allege that they developed mesothelioma or other illnesses after using the companies’ asbestos products.
Garlock, which is owned by parent company EnPro Industries, has manufactured gaskets, hydraulic components, metal seals and other sealing products for more than 100 years. According to its bankruptcy filing, Garlock states that it is spending $100 million per year to settle and defend asbestos lawsuits filed against the company.
