Mounting Asbestos Lawsuits Forces Kelly-Moore Paints to Close

After nearly 80 years in business Kelly-Moore Paints is closing all stores nationwide. Kelly-Moore decided to shut down after spending a total of $600 million on asbestos settlements, while still dealing with cases being filed. The lawsuits stem from asbestos used in cement and texture products that the company had eliminated decades ago.  Kelly-Moore has furloughed around 700 employees due to the closures. The shutdown affects 157 retail locations and facilities in California, Nevada, Oklahoma and Texas.  The company plans on fulfilling all orders that customers have already placed through its Union City, California, distribution facility. Kelly-Moore says neither chapter 11 bankruptcy nor in-court liquidation is an option. “I could not be prouder of what our talented team accomplished under extremely challenging circumstances,” said Kelly-Moore CEO Charles Gassenheimer. “My deepest sympathy goes out to our loyal employees, customers, industry partners and the communities where we do business, who have supported Kelly-Moore throughout its long history.” Kelly-Moore sold products containing asbestos for painting, cementing, texturizing and filling drywall between 1960 and 1978. Exposure to asbestos has links to mesothelioma, lung cancer and asbestosis. Over the past 30 years, plaintiffs have filed more than 48,000 lawsuits against Kelly-Moore seeking compensation for asbestos-related injuries. “I’m extremely disappointed and sadden...
Source: Asbestos and Mesothelioma News - Category: Environmental Health Authors: Tags: Asbestos (general) Asbestos Exposure Companies Source Type: news