Garlock Sealing Technologies has filed for bankruptcy, according to a story on the WSJ Blog. The company, founded in 1887, produces sealing materials for various sectors, including the petrochemical industry, the chemical industry, the power industry, and the paper industry. For many years, approximately 1907 to 1980, Garlock produced gaskets, packing materials, and cloth that contained asbestos. Garlock has been a defendant in numerous asbestos cases.
In court documents Garlock listed the value of their assets at the $500 million to $1 billion range, and their debts in the $100 million to $500 million range. The company is asking the court to establish a bankruptcy trust to pay asbestos related claims. The filing also covers the Anchor Packing Company, an arm of Garlock that also produced asbestos containing products.
Asbestos is a mineral widely used in the early to late part of the 20th century in industrial settings. Breathing in asbestos can cause scarring of the lungs, which is called asbestosis. This disease can prevent the lungs from expanding properly and leads to shortness of breath and even death. There is no known cure for asbestosis, other than a lung transplant. Asbestos also can cause cancer. The most deadly cancer caused by asbestos exposure is mesothelioma.