Owens Corning Asbestos Trust & Exposure
The Owens-Corning Corporation is a massive firm that develops and creates insulation, roof tiles, and fiberglass composites.
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Summary
- Industry: General Building Materials, Composites
- Launched: Toledo, OH (1938)
- Years : 1938-Current
- Headquarters: Toledo, OH
Business History
In 1935, two leading American glassworks firms (Owens-Illinois and Corning Glass), united to make the Owens-Corning Fiberglas Corporation. The recently formed international company had reached earnings of $2.6 million by 1938. As a consequence of additional development of providing additional products besides fiberglass, the business chose to reevaluate its name into the Owens-Corning in 1996.
This firm was the first to generate affordable and effective fiberglass insulations hunted by builders and homeowners nationally. These products were particularly in demand during the post-World War II housing boom. While the firm became public at 1952, by the 1960s into the 1980so they continued to expand to new markets — and in 1957 that the”Comfort Conditioned Home” program was started to market residential insulating earnings.
But, the 1980s turned into a challenging season for the provider. While confronting big debt ($2.5 billion), the building and new home construction hit a rough patch in 1989. Also, the injury brought on by the asbestos used in their products for decades caught up with the firm as thousands of suits against started to stream in — forcing the company to declare bankruptcy.
The decrease of this company continued during the 1990s as they’d become the defendant in approximately 84,500 asbestos-related suits. Although in 1997 Owens-Corning obtained another maker called Fibreboard Corporation this finally placed them larger liability for lawsuits because producer had previously utilized asbestos inside their merchandise.
Asbestos Use in Products
The rise of this business was mostly in a part of this expansion in demand for ceramic insulation, as it was the favored insulation in homes and businesses throughout the nation. But, insulating products have to be fire and heat resistant — that is the reason why asbestos has been integrated into the organization’s materials. Before it had been considered a dangerous carcinogen, the fire/heat resistant properties, easy accessibility, and worth of asbestos created it an attractive product ingredient for businesses.
Until the early to mid-1970s Owens-Corning products contained asbestos such as These products:
- Kaylo
- Cold storage methods
- Duct insulation
- Gear insulation
- Insulating block
- Insulating roof tiles
- Laminated panels
- Pipe insulation
- One Cote Insulating Cement
- OCF Mastic
Also, Fibreboard used asbestos inside their products — namely flooring coating, gypsum board, insulating cement, insulating material, newspaper insulation, pipe covering, roof felt, and roof paint.
Owens Corning Asbestos Exposure
The organization’s first success rate puts its products in a variety of configurations — most commonly involving houses, businesses, and U.S. Navy ships or other freight ships. Because of this, many employees, relatives, and/or customers confronted asbestos exposure.
The Subsequent occupants are Regarded as in higher-risk:
- Architects
- Construction employees
- Custodians
- Demotion employees
- Army veterans
- Owens-Corning mill employees
- Shipyard employees
Not only were these employees or customers in risk — but loved ones which might also have confronted secondary vulnerability too. This sort of vulnerability may occur once somebody unknowingly brings home the most harmful fibers within their work clothing, hair, and skin.
Though the use of asbestos has considerably decreased and attempts to safeguard employees against the damaging fibers have fortified, people who have faced exposure are still in danger of infrequent, life-threatening ailments like mesothelioma.
Owens Corning Asbestos Trust and Litigation
By 1990 alone, Owens-Corning was the defendant in approximately 84,500 lawsuits associated with asbestos. Furthermore, an estimated 3,000 people per month developed an asbestos-related disease regardless of the selling of Owens Corning’s final asbestos merchandise in 1972.
The purchase of Fibreboard only raised the number such suits caused by injured employees, relatives, and customers. To be able to deal with the rising asbestos-related claims filed against Owens-Corning, the business was expected to put aside funds to compensate present and prospective victims after filing for Chapter 11 bankruptcy in 2000. Therefore, in 2006, the Owens Corning Fibreboard Asbestos Personal Injury Trust, Owens Corning Subfund and Fibreboard Subfund Was Made through the reorganization.
The trust was funded with almost $7 billion in obligations and because 2008 has paid more than $361 million to claimants.
Like most businesses, the executives in Owens-Corning made a decision to turn a blind eye on the known dangers of asbestos and tagged their products as non invasive. Even though they stay in operation now and create asbestos-free goods, their prior negligence has led to unchangeable damages. In the event that you or a loved one was influenced by asbestos-exposure out of Owens-Corning — or some other company that used asbestos goods — and therefore are looking for expert assistance, contact us today. Our asbestos-disease specialists will find the answers you want.
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