Pittsburgh Corning Corporation Emerges From Asbestos-Related Chapter 11 Reorganization
(Thomson Reuters ONE) -
Personal Injury Trust Fund Valued in Excess of $3.5 Billion Established to
Resolve Asbestos Claims; Company Emerges Reinvented and Built to Last
PITTSBURGH, April 27, 2016 (GLOBE NEWSWIRE) -- Pittsburgh Corning Corporation
(www.pghcorning.com), a global manufacturer of sustainable, high performance
glass based products for the building, energy and industrial markets, announces
that its Modified Third Amended Plan of Reorganization ("POR" or "Plan") has
become effective as of April 27, 2016, and the Company has emerged from Chapter
11 bankruptcy. Pittsburgh Corning has operated under asbestos-related Chapter
11 protection since April 16, 2000.
The Pittsburgh Corning Modified Third Amended POR establishes the Pittsburgh
Corning Asbestos Personal Injury Settlement Trust. Scheduled to receive assets
valued in excess of $3.5 billion, the Trust will be among the largest asbestos
trusts in the country. It assumes all asbestos-related liabilities related to
Pittsburgh Corning and resolves all asbestos personal injury claims, including
those filed in the future. The Trust is to be funded by contributions of
Pittsburgh Corning, its shareholders (PPG Industries Inc. and Corning
Incorporated) and participating insurance carriers. Prior to emergence from
Chapter 11, Pittsburgh Corning and Pittsburgh Corning Europe were equity
affiliates of PPG Industries, Inc. and Corning, Inc. Effective today,
Pittsburgh Corning Corporation will be owned by the Pittsburgh Corning Asbestos
Personal Injury Settlement Trust. Pittsburgh Corning Europe was not subject to
Chapter 11, but its shares will be contributed to the Trust as part of the
Company's Plan of Reorganization by early June 2016.
Pittsburgh Corning Corporation is the foremost global supplier of premium
quality, cellular glass insulation, with a unique combination of properties that
make it one of the highest performing insulations materials available. The
Company's FOAMGLAS® Insulation is used around the world as protection in
commercial building envelopes and in critical industrial processes, including
piping for oil and gas production and as the foundations for liquid natural gas
storage tanks. The Company also produces glass block products and windows for
the residential and architectural markets in the United States.
The Company's Modified Third Amended Plan of Reorganization was confirmed by the
U.S. Bankruptcy Court for the Western District of Pennsylvania on May 24, 2013,
and affirmed by the U.S. District Court of Pennsylvania on September 30, 2014.
Appeals were finally resolved on January 7, 2016, which allowed consummation of
the Plan.
Between 1962 and 1972, Pittsburgh Corning manufactured, marketed and sold
Unibestos, an asbestos pipe insulation product it acquired from Union Asbestos
and Rubber Company. The Company was named as a defendant in asbestos-related
lawsuits, defending and resolving more than 200,000 claims. Pittsburgh Corning
sought Chapter 11 protection in 2000, when it became apparent that defending and
settling an additional 235,000 pending claims would exhaust Company resources
before they could be resolved.
Pittsburgh Corning emerges from Chapter 11 protection having reinvented its
business. Since its inception almost 80 years ago, the privately held Pittsburgh
Corning has grown to serve customers globally. Together with Pittsburgh Corning
Europe, the Company operates today as a single worldwide enterprise that is the
world's largest producer of environmentally advanced cellular glass insulation
and systems. It operates insulation manufacturing facilities in Sedalia,
Missouri; Fresno, Texas; Tessenderlo, Belgium; Klasterec, Czech Republic, and
recently, began production at its new, wholly owned state-of-the-art facility in
Yantai, China. Glass block products are produced in Port Allegany,
Pennsylvania.
"During Chapter 11, Pittsburgh Corning operated with two major objectives. For
the first five years, when emergence seemed to be a few years in the offing, the
Company focused on protecting and preserving the assets, which would become part
of the Asbestos Trust. When it became apparent that Pittsburgh Corning's time in
bankruptcy was going to be extended, our focus expanded to include strategic
actions designed to reinvent our business to better serve customers worldwide
and create a platform for sustained profitable growth for our future
shareholders," said James R. Kane, Chairman and Chief Executive Officer of
Pittsburgh Corning Corporation. "Today, Pittsburgh Corning has achieved both
goals. After 16 years of operating under Chapter 11, the Asbestos Personal
Injury Settlement Trust can begin helping people and families. The Company has
performed well and is eager to move past Chapter 11 and toward a promising
future."
Pittsburgh Corning has implemented strategic initiatives that have improved
service to customers and created shareholder value. Significant capital
investments have been made at plants in the United States and Europe to improve
safety and productivity and reduce delivery time and costs. With the addition of
the new operation in China, the Company's base of operations has expanded to be
closer to its customers on three continents.
"Pittsburgh Corning customers, employees, shareholders, suppliers and business
partners have been instrumental in keeping the Company stable, competitive and
growing during the past 16 years," said Kane. "We're grateful for all of our
stakeholders, whose unfaltering support has allowed Pittsburgh Corning to become
a world leader in the production of high performance, sustainable, glass-based
building materials that conserve energy, protect the environment and enhance
safety for millions of people around the world."
Pittsburgh Corning FOAMGLAS® Insulation, in addition to its energy-conserving
characteristics, offers exceptional strength, is waterproof and will not burn.
Billions of feet of FOAMGLAS® Insulation have been installed throughout the
world in thousands of buildings and industrial plants. Pittsburgh Corning
offers a full range of FOAMGLAS® products and technical consulting services for
building and industrial applications, including blocks in numerous densities,
boards for various building applications, fabricated and tapered components,
complex assemblies and a range of adhesives, coatings, clips and jackets that
create complete insulation systems. The Company provides customer support,
including technical experts and training centers, on every continent.
About Pittsburgh Corning Corporation and Pittsburgh Corning Europe, N.V.
Pittsburgh Corning consists of Pittsburgh Corning Corporation in Pittsburgh,
Pennsylvania, and Pittsburgh Corning Europe N.V. in Tessenderlo, Belgium. With
headquarters in Pittsburgh, Pennsylvania; European headquarters in Tessenderlo,
Belgium, and Asian headquarters in Yantai, China, the Companies operate
worldwide under a global management team committed to a common set of corporate
values. Pittsburgh Corning Corporation is owned by the Pittsburgh Corning
Asbestos Personal Injury Trust. Pittsburgh Corning Europe will be contributed
to the Trust by the current shareholders in June 2016.
The companies produce sustainable, high-performance cellular glass FOAMGLAS®
Insulation products for commercial and residential buildings and energy and
industrial applications. FOAMGLAS® Insulation offers a unique combination of
properties, making it one of the highest performing insulation materials
available. Billions of board feet of FOAMGLAS® have been installed throughout
the world in thousands of buildings and industrial plants. Pittsburgh Corning
also offers a wide range of complementary accessory products including sealants,
adhesives, and jacketing. The Company is the only United States manufacturer of
premium glass block products and specialized architectural window systems for
commercial, institutional, government and residential buildings. Pittsburgh
Corning's products keep people safe and provide lasting protection for homes,
offices, public facilities and processing operations.
Additional information about Pittsburgh Corning Corporation is available
at www.pghcorning.com and www.foamglas.com.
MEDIA CONTACT:
Jeannine F. Addams or Kristin Wohlleben
J. Addams & Partners, Inc.
404.231.1132 phone
jfaddams(at)jaddams.com
kwohlleben(at)jaddams.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Pittsburgh Corning via GlobeNewswire
[HUG#2007156]
Unternehmensinformation / Kurzprofil:
Datum: 27.04.2016 - 13:30 Uhr
Sprache: Deutsch
News-ID 466881
Anzahl Zeichen: 9709
contact information:
Town:
Pittsburgh
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 201 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Pittsburgh Corning Corporation Emerges From Asbestos-Related Chapter 11 Reorganization"
steht unter der journalistisch-redaktionellen Verantwortung von
Pittsburgh Corning (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
