Owens Corning Corporation is residential and commercial buildings materials manufacturer based out of Toledo, Ohio. Although the company currently is one of the leading businesses in its industry, its prior long use of the toxic asbestos mineral led to thousands of mesothelioma lawsuits and other asbestos-related claims. Eventually, the cases against Owens Corning were so substantial that the company filed for bankruptcy.
With more than $30 billion currently set aside in trust funds, you may qualify for substantial compensation if you’ve been diagnosed with mesothelioma, asbestosis, or asbestos-related lung cancer. We invite you to fill out our form today for a free Financial Compensation Packet, filled with information about top mesothelioma lawyers in your area, how to get paid in 90 days, how to file an asbestos trust fund claim, and much more.
Owens Corning Corporation History
According to its official site, Owens Corning began from a gas-building blocks experiment that brought out a surprising new way to create commercial quantities of fiberglass boards. In addition to launching a new creation, the newly-created product also launched the business now known as Owens Corning.
In October 1938, the company officially open the Owens-Corning Fiberglas Corporation, a spin-off of Corning Glass and Owens-Illinois.
During World War II housing bubble, the need for fiberglass reached massive heights. This, of course, was good news for Owens Corning as business picked up tremendously. In fact, during this time, the company became the leading fiberglass and insulation company in the nation.
As 1952 approached, Owens Corning went public, which brought in additional customers and profits. The company continued its success throughout the next several decades, until the 1990s, when it saw an approaching decline. In order to boost its sales back up, in 1997, Owens Corning bought the Fibreboard Corporation. Yet, the purchase included taking on Fibreboard’s string of asbestos-related lawsuits.
Owens Corning used excessive amounts of asbestos in products. The Fibreboard Corporation also used large amounts of asbestos in its older products. The combination of the influx of asbestos-related lawsuits eventually resulted in Owens Corning filing for Chapter 11 bankruptcy.
Owens Corning Asbestos Lawsuit and Bankruptcy
Facing over 200,000 asbestos-related cases, Owens Corning filed for Chapter 11 bankruptcy in 2000. When the coming came out of bankruptcy in 2006, the company established the Owens Corning Fibreboard Asbestos Personal Injury Trust, which compensates all asbestos-related claimants for both Owens Corning and the Fibreboard Corporation.
An initial $7 million was placed in the asbestos trust fund, and within a few years, over $360 million had already been paid out to claimants.
Owens Corning Asbestos Products
Owens Corning was responsible for the manufacture of numerous asbestos-containing products, including the following:
- Kaylo heat insulating block
- Kaylo pipe insulation
- Kaylo duct insulation
- Kaylo equipment insulation
- Kaylo cold storage systems
- Kaylo insulating roof tile
- One Cote Cement
Occupations Affected by Owens Corning
Hundreds of different industries were supplied with Owens Corning’s asbestos products, leading to asbestos-related diseases in multitude of workers in various occupations. The following is among some of the many occupations affected:
- Brake Line Repairmen; Shoe Installers
- Burners and Burner Helpers
- Pipe Coverers, Welders, and Insulators
- Sheet Metal Workers
- Boiler Coverers, Inspectors, and Insulators
- Car Loaders
- Crush Operators
- Heavy Equipment Operators
- Dryer Operators
- Boiler Makers
- Assembly Workers, and more
Additional Resources and Help for Asbestos Victims
Remember, if you’ve been diagnosed with mesothelioma, asbestosis, or asbestos-related lung cancer, there is a good chance you’ll qualify for considerable compensation. Remember to fill out our from to get your free Financial Compensation Packet, with information on asbestos and mesothelioma lawyers in your area.