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March 13, 2009 |
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ASBESTOS LITIGATION: Exposure Lawsuits Ongoing v. Gardner Denver Gardner Denver, Inc. continues to face asbestos personal injury lawsuits, according to the Company's annual report filed with the Securities and Exchange Commission on March 2, 2009. The plaintiffs in these suits allege exposure to asbestos from multiple sources and typically the Company is one of about 25 or more named defendants. In the Company's experience to date, the substantial majority of the plaintiffs have not suffered an injury for which the Company bears responsibility. Predecessors to the Company sometimes manufactured, distributed and sold products allegedly at issue in the pending asbestos litigation lawsuits. However, neither the Company nor its predecessors ever mined, manufactured, mixed, produced or distributed asbestos fiber, the material that allegedly caused the injury underlying the lawsuits. Moreover, the asbestos-containing components of the Products were enclosed within the subject Products. The Company has entered into a series of cost-sharing agreements with multiple insurance companies to secure coverage for asbestos lawsuits. The Company also said it believes some of the potential liabilities regarding these lawsuits are covered by indemnity agreements with other parties. The Company's uninsured settlement payments for past asbestos lawsuits have not been material. Headquartered in Quincy, Ill., Gardner Denver, Inc. designs, manufactures, and sells compressor products. The Company also makes vacuum and fluid transfer products. |
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