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Synkoloid manufactured various construction materials known to contain asbestos. As a result, the company ended up in countless asbestos exposure lawsuits that later forced the company into bankruptcy. The company later established a trust fund containing over $20 million to address asbestos claims brought by people exposed to asbestos-filled products manufactured by Synkoloid.Synkoloid and Asbestos Usage
Synkoloid was headquartered on the eastern seaboard and manufactured various products including adhesives, asphalts, paints, and varnishes. From 1949 to 1976, the company manufactured various products known to contain asbestos.
In 1975, Synkaloid was purchased by Artra Group. Subsequently, Artra became responsible for Synkoloid’s asbestos lawsuits. Then, in 1981, Muralo Company acquired the majority of Synkoloid’s assets and agreed to assume liability for any future claims brought against Synkoloid. Muralo declined to assume responsibility for any products manufactured before 1981.
Synkoloid Company remained a part of Muralo until 2014 when Muralo sold most of its assets to California Products Corporation. As of 2020, Synkaloid no longer exists as a business. California Product, however, still sells Synkoloid-products, which no longer contain asbestos.How Asbestos Exposure Occurred at Synkoloid
In 1949, Synkoloid began placing asbestos in its products. The company ultimately produced asbestos-filled products until 1976. Synkoloid valued asbestos due to the material’s heat-resistant and durable nature.
Anyone who was employed by the company during this time might have come into contact with asbestos-filled products. Some of the most common types of workers who were exposed to asbestos manufactured by Synkoloid include asbestos miners, construction workers, factory workers, military personnel, plasterers, and tapers.Asbestos Exposure Lawsuits and Synkoloid
Synkoloid was part of Artra Group from the mid-1970s until the early 1980s. During this period, Artra Group and other asbestos-manufacturing companies became involved in lawsuits concerning asbestos exposure lawsuits. Even though it had sold off Synkoloid’s assets, Artra Group remained responsible for Synkoloid’s asbestos litigation.
Due to the growing frequency of asbestos exposure claims, Artra Group Incorporated filed for bankruptcy in 2002. After Artra Group entered the bankruptcy process, the Muralo Company began becoming involved in asbestos exposure lawsuits. Due to mounting pressure from these lawsuits, the Muralo company pursued bankruptcy in 2003.
One lawsuit brought against Synkoloid during this period included a self-employed worker who had provided services to the company from the 1960s to the 1970s. The man routinely used Synkoloid products. The man ultimately received an asbestosis diagnosis. The jury in this trial awarded the worker over $1 million for future medical care and $525,000 for past medical care.
As of 2022, victim compensation from Synkoloid’s asbestos exposure lawsuits is compensation by a fund that was established with funds from the Artra Group Incorporated and Muralo.Contact a Compassionate Asbestos Exposure Lawyer
The Synkoloid Company exposed many people to asbestos. If you or a loved one has been diagnosed with mesothelioma or an associated illness following exposure to an asbestos-containing product manufactured by the Synkoloid Company, you should not hesitate to contact an experienced attorney. Contact the Throneberry Law Group today to schedule a free case evaluation.