June 27, 2017 10:13 PM ET

Textiles, Apparel and Luxury Goods

Company Overview of Garlock of Canada Ltd.

Company Overview

Garlock of Canada Ltd. operates as a subsidiary of Garlock International Inc.

4100 rue Garlock

Sherbrooke, QC J1L 1W5

Canada

Founded in 2003

Phone:

819-563-8080

Fax:

819-563-5620

Key Executives for Garlock of Canada Ltd.

Garlock of Canada Ltd. does not have any Key Executives recorded.

Garlock of Canada Ltd. Key Developments

EnPro Industries Inc, Garlock Sealing Technologies LLC, Garrison Litigation Management Group Ltd, Coltec Industries Inc and Garlock of Canada Sign Definitive Settlement Agreement for Canadian Asbestos Claims

EnPro Industries Inc. signed a definitive settlement agreement to resolve current and future asbestos claims with workers' compensation boards, for each of the ten Canadian Provinces (the provincial boards). This agreement resolves all claims against the company and some of its subsidiaries, Garlock Sealing Technologies LLC (GST), Garrison Litigation Management Group Ltd, Coltec Industries Inc. and Garlock of Canada Ltd. (together, the EnPro parties). As per this agreement, the EnPro parties will partly recover amounts the provincial boards have paid and will pay in the future, under Canada's asbestos-injury recovery statutes. Besides, an agreement for the resolution of these Canadian claims was a condition to the company, Coltec and GST's obligations to proceed with the March 2016 comprehensive settlement (the comprehensive settlement) reached with the court-appointed committee representing current asbestos claimants, the court-appointed legal representative of future asbestos claimants in GST's asbestos claims resolution process pending in the US Bankruptcy Court for the Western District of North Carolina (the bankruptcy court) and representatives for current and future asbestos claimants against Coltec. As per the settlement, a modified joint plan of reorganisation (Joint Plan) has been filed by GST and Coltec with the Bankruptcy Court and 9 December 2016 has been set as the deadline for asbestos claimants to vote on approving the same. The settlement agreement provides for an aggregate cash payment of USD 20 million to the provincial boards that will be paid on the fourth anniversary of the effective date of the Joint Plan. After that date, the provincial boards may optionally accelerate the payment, in which case the payable amount will be discounted from the fourth anniversary of the effective date of the Joint Plan till the payment date, at an annual 4.5% rate. This is consistent with the present value estimate of about USD 17 million before tax, as committed for the resolution of these claims. In return, the provincial boards each agreed to release EnPro, any of its affiliates and the settlement trust to be established under the Joint Plan from any present or future liability of asbestos-related claims by the boards and to provide a covenant not to sue EnPro, any of its affiliates or the settlement trust regarding any such claims, among other protections. Finally, the company said that the settlement agreement will not become effective unless the Bankruptcy Court signs an order approving it or concluding that the court's approval is not needed for the EnPro parties to the agreement that are not debtors under the Joint Plan to enter into and consummate the settlement agreement. Further, the agreement is not binding on any of the EnPro parties unless and until the effective date of the Joint Plan occurs.

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