The Yarway Corporation was established at the start of the 1900s to assist the growing steam power industry. The company manufactured various products including steam traps as well as controls and valves. Yarway remains in existence and is as popular as ever today.
By the 1920s, Yarway began incorporating asbestos into its products. Despite various changes in who owned the company, Yarway practiced using asbestos in its products until the late 1980s. Consequently, the company was appointed as a defendant in a lawsuit involving wrongful death in 1991. The cost of these lawsuits led the company to pursue bankruptcy in 2013 and establish an asbestos trust fund in 2015 to award the victims of asbestos exposure compensation.The History of Yarway Corporation
Previously known as Simplex Engineering, Yarway Corporation was established by both Bernard Waring and Robert Yarnall. Following several brand changes, the company changed its name to Yarway Corporation in 1962 and the company’s products still exist under this name.
Yarway ultimately found a role in the steam power industry and focused on manufacturing various products including gaskets, steam traps, and valves. In the 1920s, asbestos usage became much more commonplace in the United States. Manufacturers valued asbestos due to the material’s durable and hesitant resistant nature as well as low cost. Like other companies during this era, Yarway began placing asbestos in its products.
During the first several decades, Yarway Corporation’s products grew in popularity and the company began offering products beyond the power-generation industry. As time progressed, the company also created products for the paper, pulp, and chemical industries.
Yarway stayed a top player in the marketplace and took in $70 million in sales in 1985. Then, in 1987, Yarway was acquired by Keystone International, which is another big manufacturer of valves. This merger led to several successful years for Keystone before it was purchased by Tyco International. Under Keystone and at the time of Tyco’s acquisition, Yarway products no longer included asbestos. Tyco still manufactures and sells Yarway products, which include blow-off and pump protection valves.Asbestos-Containing Product Manufactured by Yarway
Yarway produced various asbestos-containing products up through the 1980s. Countless victims have listed gaskets manufactured by Yarway and the company’s joint packing as including asbestos between the 1940s to the 1970s. Some of the other asbestos-containing products manufactured by Yarway include:
- Air control valves
- Double-tightening valves
- Expansion joints
- Hydraulic valves
- Pipe-joint clamps
- Process Steam Traps
- Steel expansion joints
- Tandem Blow-off Valves
Products manufactured by Yarway were distributed throughout the country, which subsequently placed a countless number of people in danger of being exposed to asbestos. Besides workers directly retained by Yarway who produced the products, workers at various other locations also came into direct contact with the asbestos-containing products. Some types of workers exposed to asbestos-containing products manufactured by Yarway include:
- Boiler workers
- HVAC workers
- Shipyard workers
Yarway was first involved as a defendant in asbestos litigation in 1991. Records reveal that most original claims were related to the company’s use of gaskets and packing materials. From 2007 to 2012, Yarway was involved in over 10,000 mesothelioma lawsuits. Ultimately, in 2013, the company filed for Chapter 11 bankruptcy. As a term of emerging from bankruptcy, Yarway was required to establish an asbestos trust.
The Yarway Trust was created in 2015 and began to accept claims at the end of 2015. The current payment of the trust is 25%, which is the amount of compensation that claimants receive for individual cases.Speak With an Experienced Asbestos Exposure Lawyer
If you or someone you loved was harmed by asbestos-containing products manufactured by Yarway, you should not hesitate to speak with an experienced attorney. Do not hesitate to contact Throneberry Law Group today by calling (888) 506-1131 for assistance.