Pittsburgh Corning Corporation Emerges From Asbestos-Related Chapter 11 Reorganization
PITTSBURGH, 2016-04-27 13:30 CEST (GLOBE NEWSWIRE) --
Pittsburgh Corning Corporation (www.pghcorning.com), a global manufacturer of sustainable, high performance glass based products for the building, energy and industrial markets, announces that its Modified Third Amended Plan of Reorganization (“POR” or “Plan”) has become effective as of April 27, 2016, and the Company has emerged from Chapter 11 bankruptcy. Pittsburgh Corning has operated under asbestos-related Chapter 11 protection since April 16, 2000.
The Pittsburgh Corning Modified Third Amended POR establishes the Pittsburgh Corning Asbestos Personal Injury Settlement Trust. Scheduled to receive assets valued in excess of $3.5 billion, the Trust will be among the largest asbestos trusts in the country. It assumes all asbestos-related liabilities related to Pittsburgh Corning and resolves all asbestos personal injury claims, including those filed in the future. The Trust is to be funded by contributions of Pittsburgh Corning, its shareholders (PPG Industries Inc. and Corning Incorporated) and participating insurance carriers. Prior to emergence from Chapter 11, Pittsburgh Corning and Pittsburgh Corning Europe were equity affiliates of PPG Industries, Inc. and Corning, Inc. Effective today, Pittsburgh Corning Corporation will be owned by the Pittsburgh Corning Asbestos Personal Injury Settlement Trust. Pittsburgh Corning Europe was not subject to Chapter 11, but its shares will be contributed to the Trust as part of the Company’s Plan of Reorganization by early June 2016.
Pittsburgh Corning Corporation is the foremost global supplier of premium quality, cellular glass insulation, with a unique combination of properties that make it one of the highest performing insulations materials available. The Company’s FOAMGLAS® Insulation is used around the world as protection in commercial building envelopes and in critical industrial processes, including piping for oil and gas production and as the foundations for liquid natural gas storage tanks. The Company also produces glass block products and windows for the residential and architectural markets in the United States.
The Company’s Modified Third Amended Plan of Reorganization was confirmed by the U.S. Bankruptcy Court for the Western District of Pennsylvania on May 24, 2013, and affirmed by the U.S. District Court of Pennsylvania on September 30, 2014. Appeals were finally resolved on January 7, 2016, which allowed consummation of the Plan.
Between 1962 and 1972, Pittsburgh Corning manufactured, marketed and sold Unibestos, an asbestos pipe insulation product it acquired from Union Asbestos and Rubber Company. The Company was named as a defendant in asbestos-related lawsuits, defending and resolving more than 200,000 claims. Pittsburgh Corning sought Chapter 11 protection in 2000, when it became apparent that defending and settling an additional 235,000 pending claims would exhaust Company resources before they could be resolved.
Pittsburgh Corning emerges from Chapter 11 protection having reinvented its business. Since its inception almost 80 years ago, the privately held Pittsburgh Corning has grown to serve customers globally. Together with Pittsburgh Corning Europe, the Company operates today as a single worldwide enterprise that is the world’s largest producer of environmentally advanced cellular glass insulation and systems. It operates insulation manufacturing facilities in Sedalia, Missouri; Fresno, Texas; Tessenderlo, Belgium; Klasterec, Czech Republic, and recently, began production at its new, wholly owned state-of-the-art facility in Yantai, China. Glass block products are produced in Port Allegany, Pennsylvania.
“During Chapter 11, Pittsburgh Corning operated with two major objectives. For the first five years, when emergence seemed to be a few years in the offing, the Company focused on protecting and preserving the assets, which would become part of the Asbestos Trust. When it became apparent that Pittsburgh Corning’s time in bankruptcy was going to be extended, our focus expanded to include strategic actions designed to reinvent our business to better serve customers worldwide and create a platform for sustained profitable growth for our future shareholders,” said James R. Kane, Chairman and Chief Executive Officer of Pittsburgh Corning Corporation. “Today, Pittsburgh Corning has achieved both goals. After 16 years of operating under Chapter 11, the Asbestos Personal Injury Settlement Trust can begin helping people and families. The Company has performed well and is eager to move past Chapter 11 and toward a promising future.”
Pittsburgh Corning has implemented strategic initiatives that have improved service to customers and created shareholder value. Significant capital investments have been made at plants in the United States and Europe to improve safety and productivity and reduce delivery time and costs. With the addition of the new operation in China, the Company’s base of operations has expanded to be closer to its customers on three continents.
“Pittsburgh Corning customers, employees, shareholders, suppliers and business partners have been instrumental in keeping the Company stable, competitive and growing during the past 16 years,” said Kane. “We’re grateful for all of our stakeholders, whose unfaltering support has allowed Pittsburgh Corning to become a world leader in the production of high performance, sustainable, glass-based building materials that conserve energy, protect the environment and enhance safety for millions of people around the world.”
Pittsburgh Corning FOAMGLAS® Insulation, in addition to its energy-conserving characteristics, offers exceptional strength, is waterproof and will not burn. Billions of feet of FOAMGLAS® Insulation have been installed throughout the world in thousands of buildings and industrial plants. Pittsburgh Corning offers a full range of FOAMGLAS® products and technical consulting services for building and industrial applications, including blocks in numerous densities, boards for various building applications, fabricated and tapered components, complex assemblies and a range of adhesives, coatings, clips and jackets that create complete insulation systems. The Company provides customer support, including technical experts and training centers, on every continent.
About Pittsburgh Corning Corporation and Pittsburgh Corning Europe, N.V.
Pittsburgh Corning consists of Pittsburgh Corning Corporation in Pittsburgh, Pennsylvania, and Pittsburgh Corning Europe N.V. in Tessenderlo, Belgium. With headquarters in Pittsburgh, Pennsylvania; European headquarters in Tessenderlo, Belgium, and Asian headquarters in Yantai, China, the Companies operate worldwide under a global management team committed to a common set of corporate values. Pittsburgh Corning Corporation is owned by the Pittsburgh Corning Asbestos Personal Injury Trust. Pittsburgh Corning Europe will be contributed to the Trust by the current shareholders in June 2016.
The companies produce sustainable, high-performance cellular glass FOAMGLAS® Insulation products for commercial and residential buildings and energy and industrial applications. FOAMGLAS® Insulation offers a unique combination of properties, making it one of the highest performing insulation materials available. Billions of board feet of FOAMGLAS® have been installed throughout the world in thousands of buildings and industrial plants. Pittsburgh Corning also offers a wide range of complementary accessory products including sealants, adhesives, and jacketing. The Company is the only United States manufacturer of premium glass block products and specialized architectural window systems for commercial, institutional, government and residential buildings. Pittsburgh Corning’s products keep people safe and provide lasting protection for homes, offices, public facilities and processing operations.
Jeannine F. Addams or Kristin Wohlleben
J. Addams & Partners, Inc.
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