Celotex Corporation is a defunct American manufacturer of insulation and construction materials.[1][2] It was the subject of a number of high-profile lawsuits over products containing asbestos in the 1980s, eventually declaring Chapter 11 bankruptcy in 1990.[3]
History
The company was founded in 1920 in Chicago, Illinois as a subsidiary of Philip Carey Corporation, to manufacture its namesake product Celotex insulation board, often called simply Celotex. Celotex is a fiberboard made from bagasse (sugar cane waste after extraction of the juice), first produced in a factory in Marrero, Louisiana, outside of New Orleans.[4] In 1932, Celotex Corporation was spun off as an independent company. In 1961, Jim Walter Corporation, a homebuilding company, acquired Celotex, moving the headquarters to Tampa, Florida in 1965.[5]
Celotex Asbestos Litigation and Settlement Trust
A $1.2 billion settlement trust was established in 1998 to settle claims arising from asbestos-containing products manufactured by both Celotex and Philip Carey. The claims were filed by workers, former employees, family members and others who developed serious health conditions like mesothelioma from exposure to asbestos.[6] The litigation revealed that Carey and Celotex had long known about the asbestos-exposure risks but failed to warn workers and the public.[6] Celotex emerged from Chapter 11 in 1996. [3] The wallboard business was sold to BPB plc, its roofing products business to CertainTeed in 2000, its fiberboard products division along with the Celotex brand to Knight Industries LLC in 2001,[2] and its rigid foam insulation division to the Dow Chemical Company in 2001.[7]
See also
- Celotex Corp. v. Catrett
- Cemesto
- Homasote
External links
References
- Michelle Whitmer. Celotex Corporation asbestos.com, retrieved Dec 9, 2020^
- Ian Mount. And 7 Businesses That Did Not Survive The New York Times, Dec 30, 2009, retrieved Jun 10, 2021^
- Celotex Corporation mesothelioma.net, retrieved June 9, 2021