December 16, 1998 |
Owens Corning, maker of insulation and other building materials, said it will pay $1.2 billion to settle asbestos-related lawsuits in a bid to end one of the biggest product liability cases in U.S. history. The company, which stopped selling asbestos products in 1972, said it expects to make most of the payments during the next two years to resolve about 90% of 176,000 cases pending against it. The plan will also help resolve new claims without litigation, it said.
January 10, 1998 |
Owens Corning, citing pricing pressures in building insulation materials and a shortfall in fourth-quarter earnings, said Friday it would cut 2,200 jobs and take $250 million in charges to restructure. "Despite our attempts to increase prices in certain insulation markets through the elimination of rebates and other actions, we have been unable to stop our selling price from eroding," Chairman Glen Hiner said in a statement.
CALIFORNIA | LOCAL
September 30, 1989 |
San Diego County sued 13 building manufacturers Friday whose asbestos-containing products were used anywhere from 15 to 30 years ago in the county courthouse and its adjoining jail, officials said. The lawsuit, authorized by the County Board of Supervisors and filed in the U.S. District Court in downtown San Diego, seeks to recover the expense of removing asbestos discovered in the county buildings in October, 1988.