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Established in 1921, the Philadelphia Asbestos Corporation (PACOR) Incorporated soon became a top supplier of insulation, pads, and pipe coverings. For many years, these products were manufactured by Pacor containing asbestos. Some of the products manufactured by Pacor that contained asbestos include pumps and turbines. As the result of a growing number of lawsuits initiated against the company, Pacor filed for bankruptcy in 1986.The Role of the Pacor Settlement Trust
In 1986, Pacor Incorporated filed for Chapter 11 bankruptcy in response to the countless number of asbestos claims received by the company. As part of its reorganization plan, the company established the Pacor Settlement Trust. Initially funded with $2.5 billion, the trust currently pays out 5.1% on asbestos claims. This trust is part of the Manville Personal Injury Settlement Trust.The History of Pacor Incorporated
Established in 1921, Pacor’s services were first focused on the industrial rather than consumer market. During World War II, Pacor also provided insulation to the US Navy. One of Pacor’s top business partners was the Johns Manville Company, which played a substantial role in manufacturing asbestos-filled roofing material.
By the 1980s, Pacor faced substantial debt in connection to asbestos-related lawsuits. Pacor pursued bankruptcy as a method to handle the substantial settlements and verdicts connected to asbestos that they otherwise would have faced.Some of the positions at Pacor that were exposed to asbestos containing products include insulators, mechanics, roofers, and welders.
Currently, Pacor utilizes asbestos alternatives in its insulation as well as other products including pipes, pumps, and valves. Today, Pacor is headquartered in New Jersey but also maintains divisions in Georgia and North Carolina.Asbestos Litigation Involving Pacor Incorporated
Various noteworthy asbestos lawsuits have been initiated against Pacor Incorporated. Some of the legal actions initiated against the company include:
Many Pacor workers over the years were exposed to asbestos. If you or a loved one who worked for the company have been diagnosed with mesothelioma or another illness caused by asbestos, you should not hesitate to speak with a compassionate attorney. Contact the Throneberry Law Group by calling us at (888) 506-1131 or completing an online case evaluation form.