Gasket Maker Seems to Be Rebounding after Asbestos Claims

EnPro, a subsidiary of Goodrich founded in 2002, has found its short history riddled with dealing with asbestos claims against it. EnPro makes bearings and gaskets, and when it was spun off from Goodrich in 2002, it immediately had to settle thousands of asbestos claims against it. By 2008, the claims against the company have begun to wane, and the company has changed its policy from mere survival to taking steps forward. EnPro’s diverse base of customers has enabled it to not rely to heavily upon any one industry, and so they have been better able to weather financial storms as they blow through many different sectors of the American economy.

Another buffer EnPro has against the ups and downs of the economy is its aftermarket sales sector, including replacement parts. This comprised 50 percent of the company’s sales. The stability EnPro is enjoying will surely help the company to meet the $35 million in projected annual expenditures for asbestos claims. The company, though, has seen a significant decline in the number of asbestos claims against it. In 2003, over 40,000 claims were filed against EnPro, but 2008 only saw 5,000 claims. Officials with EnPro are predicting that they will continue to see and pay asbestos settlements for the next ten to twenty years.