April 28 Industrial machinery maker Circor
International Inc said its valve manufacturing
subsidiary, Leslie Controls Inc, has emerged from bankruptcy
It had filed for bankruptcy protection in July in a bid to
isolate and resolve asbestos-related personal injury claims as
the claims had exceeded the unit's profit. [ID:nSGE66B0F6]
Circor said in July, that a trust would been formed to
handle such litigation claims, with a fund of about $75 million.
Asbestos, once widely used in manufacturing, has been
partially banned by the U.S. government after it was proven to
cause cancer, often in people who were exposed by breathing in
The company, which has a market value of about $784.8
million, said Circor and its unit Leslie Controls have funded
trusts that will repay asbestos claims.
Circor designs makes and markets valves and engineered
products for the industrial, aerospace and energy markets.
Shares of the company were trading down 1 percent at $45.08
on Thursday on the New York Stock Exchange.
(Reporting by Fareha Khan in Bangalore;Editing by Vyas Mohan)