RPM International, whose consumer brands include Rust-Oleum, DAP and Zinsser, plans to spend nearly $800 million as part of an initial deal to fund a trust that resolves asbestos personal injury claims tied to a business owned by its Specialty Products Holding Corp.
The company, based in Medina, Ohio, has said that the agreement still needs the approval of the claimants as well as the U.S. Bankruptcy Court.
RPM has said that it will start funding the trust for current and future claimants with a $450 million cash payment and then make additional payments over the next few years until a total of $797.5 million in contributions, which are expected to be tax deductible, is reached.
RPM’s subsidiaries make specialty coatings, sealants and building materials for both consumer and industrial markets and their Specialty Products unit filed for Chapter 11 reorganization in May 2010. They subsequently deconsolidated the business but plan to reconsolidate the unit with its operations once the settlement plan is consummated.
If you have been diagnosed with asbestos a related disease, you may be entitled to monetary compensation. Contact the Law Office of Brayton Purcell, LLP at (800) 598-0314 immediately, or contact us online for a free consultation.
