North American Refractories Company Asbestos Trust
North American Refractories Company Asbestos Trust
The North American Refractories Company founded in 1929. The company, also known as “NARCO” for short, was one of the largest asbestos refractory material manufacturers in the nation. The negligent utilization of asbestos within their products placed countless numbers of people at risk of dangerous exposure. Former employees that have been diagnosed with life-threatening diseases have filed against the company and, as a result, has influenced the company to set up the NARCO Asbestos Trust to distribute compensations. A mesothelioma lawyer can help you or a loved one file mesothelioma claims against this company.
Founded at Cleveland, Ohio in 1929 as a cement refractory manufacturer, the company remained one of the largest companies in its field for more than 50 years. As years went on NARCO began to merge with various companies, such as Harbison-Walker, RHI Refractories, Worldwide Glass Industry, and several other independent manufacturers. These acquisitions lead to an increase in product coverage and shortly after items such as brake pads, ceramics, coating installations, furnace/stove fittings, heaters, and linings had been adapted into the production lines of the company. Working with the best mesothelioma lawyer can truly change your situation with regards to North American Refractories Company Asbestos Trust.
The company decided to further its expansion by opening manufacturing plants in Indiana, Kentucky, Michigan, and Pennsylvania.
In 1979, NARCO had been bought by Honeywell – which was then known as Allied Corp.
The company still continued to manufacture harmful products throughout the nation up until the 1980’s when the usage of asbestos in products was halted. As a result of the NARCO’s asbestos-tainted products, thousands of personal injury claims began to arise; however, Honeywell agreed to indemnify the company. Shortly after the company filed for Chapter 11 bankruptcy protection.
NARCO Products Containing Asbestos
Much of NARCO’s products played significant roles in industrial processes and development. Throughout every expansion, production growth, and overall evolution of the company, NARCO utilized asbestos for their heat-resistant products. Prior to the discovery of asbestos’s harmful effects, its use was prevalent during this period due to the affordability, durability, and fireproof nature of the mineral.
Products manufactured by NARCO that are known to contain include:
- Anti-Erode Towel
- BOF-Cote and BOF-Patch
- Gun Mix
- CM Gun Mix (including CM-18 Gun Mix)
- MC Gun Mix
- Narcmag OH Gun Mix
- Narcocrete Trowel
- Narcogun CR-346
- Narcogun CR-346NN
- Narcogun CRD-347
- Narcogun MC-339
- Narcogun MCD-344
- Narcogun P-340
- Narcogun PD-345
- Narcogun SD-336
- Narmag 60 DBRC
- Narmag OH Gun Mix
- Super 505 Hot Gun C
- W0-339 MC Gun
Occupations Exposed to Asbestos at NARCO
With a vast variety of products produced and supplied to countless locations around the United States, a wide range of employees had been exposed to the harmful carcinogen.
Occupations that are considered to be at higher-risk after handling asbestos products include:
- Cement workers
- Chemical workers
- NARCO plant workers
- Sheet workers
In addition to those occupations and general consumers being put at risk, loved ones may have also faced secondary exposure. Although less common, secondhand exposure can occur when traces of the dangerous fibers unknowingly attach on work clothes, hair follicles, and skin to an individual.
Although the use of asbestos in NARCO products ended in the 1980s and efforts to protect workers against harmful fibers has since strengthened, those previously exposed are still at risk of rare, life-threatening diseases.
NARCO Litigations and Bankruptcy Trust
According to court documents, NARCO had faced nearly 300,000 lawsuits and claims related to asbestos by the early 2000s. In fact, the company was named in more than 275,000 asbestos claims by 2003 and entered into agreements with 256,000 (about 90%).
Honeywell, who owned NARCO from 1979-1986 and was assigned asbestos liabilities to the company, also faced additional claims unrelated to NARCO for its other asbestos-related products. For instance, in one lawsuit the company lost more than $50 million after a former mechanic developed mesothelioma while at Honeywell’s Bendix division working with asbestos-containing products. The victim had been rightfully awarded compensation.
Nevertheless, the claims continued to rise and as a result, NARCO filed for Chapter 11 bankruptcy in 2002. Additionally, the company had agreed to set up an asbestos trust fund for future and pending asbestos-related cases as part of their emergence and reorganization in 2008.
NARCO Asbestos Trust
The trust fund, known as the NARCO Asbestos Trust, was established on April 30, 2013, and began accepting claims on October 15, 2013. The trust was initially funded with $6.32 billion, but in its first year, the trust reportedly paid out more than $100 million.
Like many companies, North American Refractories Company’s executives decided to turn a blind eye to the known asbestos hazards and, unfortunately, mesothelioma and other asbestos-related diseases carry decades of latency. Because of this, NARCO and Honeywell are likely to face additional asbestos claims for years to come as the disease progresses in victims. If you or a loved one formerly worked at, or with products manufactured by NARCO prior to the 1980s and are seeking expert help after being diagnosed with a life-threatening disease – contact us today for a free consultation. Trust funds like the Owens corning asbestos trust are similar to the NARCO asbestos trust.