Following its purchase of several subsidiaries, including NARCO and Bendix, Honeywell Heating assumed asbestos liability. NARCO established a trust fund in 2013, while Honeywell remains liable for Bendix claims and other claims connected to NARCO products.The History of Honeywell and Asbestos Usage
Honeywell was established at the beginning of the 20th century by an engineer. The company began by focusing on hot water heat generators.
Several decades later, the company combined with the Minneapolis Heat Regulator Company. This new joint venture was retitled to the Minneapolis-Honeywell Regulator Company and focused on selling thermostatic heat controls.
In the late 70s, Honeywell acquired North American Refractories Company (NARC), which manufactured asbestos refractory materials.
Several decades later, in the late 90s, Honeywell merged with Allied Signal and created a business entity that was focused on automotive components and chemical products as well as building controls. Following this merger, the new company was titled Honeywell International. During this time, Honeywell began facing asbestos exposure issues.
In 2010, Honeweyll was involved in thousands of asbestos lawsuits. The company estimated its potential liability related to asbestos litigation was $1.1 billion.
Several years later, Honeywell sold its division, Bendix Friction Materials. Honeywell, however, retained its asbestos liability and continued to be involved in asbestos exposure lawsuits.
In 2018, the U.S. Securities and Exchange Commission performed an investigation into Honeywell’s accounting for liability associated with asbestos. While the company reported $2.61 billion by the end of 2017, a regulatory filing revealed the amount was $1.09 billion higher.
In 2019, Honeywell created its Garrett Motion Incorporate subsidiary and placed $1 billion in asbestos liability on the company. Later the year, Garett Motion initiated a lawsuit against Honeywell alleging that its executive illegally moved the asbestos liability to the company.The Creation of the Trust Fund
In 2003, Honeywell faced over 40,000 asbestos lawsuits related to selling its brake unit to the now bankruptcy, Federal-Mogul. This sale required Honeywell to pay pending claims for a several-year duration and included a limitation on annual payments to the trust utilized to fund future asbestos claims. Ultimately, Honeywell continued as a successor-in-interest to Bendix and still faces asbestos lawsuits related to people harmed by Bendix brakes which caused them to end up with asbestos-related illnesses.
Honeywell’s other asbestos division, North American Refractories Company, pursued bankruptcy and created a trust in 2013 with over $6 billion to resolve asbestos claims connected to refractory products. The plan for bankruptcy designated certain liabilities to Honeywell so claims connected from bankruptcy companies supplied by American Refractories must file a claim with Honeywell.
North American Refractories sold many of its asbestos products to other business entities. When these other business entities pursued bankruptcy, a worker facing an asbestos claim can also pursue one against Honeywell.Obtain the Assistance of a Compassionate Mesothelioma Attorney
If someone you care about has been exposed to products manufactured by Honeywell Heating, reach out to a skilled mesothelioma lawyer. Do not hesitate to contact Throneberry Law Group today. Call 888-506-1131 for assistance.