EnPro Industries (NYSE: NPO) announced that Judge George Hodges of the United States Bankruptcy Court for the Western District of North Carolina today entered an order estimating the liability for present and future mesothelioma claims against EnPro's Garlock Sealing Technologies LLC (GST) subsidiary at $125 million, consistent with the positions GST put forth at trial.
Judge Hodges's opinion follows the completion of an estimation trial held in his court during July and August of 2013. The judge's estimate is for mesothelioma claims only. Additional amounts may be necessary to resolve other disease claims and for trust administration costs. The opinion can be found under the investor relations tab on the EnPro Industries website (www.enproindustries.com).
In his opinion, Judge Hodges notes, "The estimates of Garlock's aggregate liability that are based on its historic settlement values are not reliable because those values are infected with the impropriety of some law firms and inflated by the cost of defense. The best evidence of Garlock's aggregate responsibility is the projection of its legal liability that takes into consideration causation, limited exposure and the contribution of exposures to other products. The court has determined that $125 million is sufficient to satisfy Garlock's liability for the legitimate present and future mesothelioma claims against it."
EnPro will hold a conference call at 9:00 a.m. Eastern Time on Monday, January 13 to review Judge Hodges' opinion with investors and discuss next steps in the process. Investors may join the call by dialing (800) 851-4704 and the access code 30633099. The call will also be webcast on the company's website, www.enproindustries.com.
About EnPro Industries
EnPro Industries, Inc. is a leader in sealing products, metal polymer and filament wound bearings, components and service for reciprocating compressors, diesel and dual-fuel engines and other engineered products for use in critical applications by industries worldwide. For more information about EnPro, visit the company's website at http://www.enproindustries.com. CONTACT: EnPro Industries
Don Washington, 704-731-1527
Director, Investor Relations and
Corporate Communications
don.washington@enproindustries.com SOURCE: EnPro Industries Copyright Business Wire 2014
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