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ASBESTOS LITIGATION: AMETEK, Inc. Still Facing Exposure Lawsuits
AMETEK, Inc. and its subsidiaries still face asbestos-related lawsuits, according to the Company's 2008 annual report filed with the Securities and Exchange Commission.
Many of these lawsuits either relate to businesses which were acquired by the Company and do not involve products which were manufactured or sold by the Company or relate to previously owned businesses of the Company which are under new ownership.
In connection with many of these lawsuits, the sellers or new owners of those businesses have agreed to indemnify the Company against these claims (Indemnified Claims). The Indemnified Claims have been tendered to, and are being defended by, such sellers and new owners.
These sellers and new owners have met their obligations, in all respects, and the Company does not have any reason to believe such parties would fail to fulfill their obligations in the future. However, one of these companies filed for bankruptcy liquidation in 2007.
To date, no judgments have been rendered against the Company as a result of any asbestos-related lawsuit.
Headquartered in Paoli, Pa., AMETEK, Inc. manufactures electronic instruments and electromechanical devices with operations in North America, Europe, Asia and South America.
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Lloyd's Asbestos Litigation Reporter
is a weekly newsletter distributed every Friday co-published by
Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and
Beard Group, Inc., Frederick, Maryland, USA.
Copyright 2008. All rights reserved. ISSN: 1945-4694.
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