Garlock Sealing Technologies LLC has reached what is being called an “unprecedented” agreement with future asbestos claimants in its bankruptcy case that includes a $358 million settlement of all asbestos injury claims against the company and a revised reorganization plan. The future asbestos claimants and Garlock’s parent company, EnPro Industries Inc., announced the accord, saying the amended plan “provides generous payments to all claimants with a compensable disease and meaningful contact with [Garlock’s] asbestos-containing products during the course of their working careers.”
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