Celotex
Defunct American corporation From Wikipedia, the free encyclopedia
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
Summarize
Perspective
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] Celotex moved again, to Saint Petersburg, Florida, in 2001.
In 2012, Saint-Gobain acquired the British manufacturing interests of Celotex.[8]
In 2017, a disastrous fire at the Grenfell Tower, London was blamed on exterior cladding manufactured by Celotex-Saint-Gobain.[9] Investigations revealed that Celotex had been aware of the fire risks associated with their products and actively covered up its findings.[6]
As of 2020, the brand name Celotex was owned by Saint-Gobain, which manufactures products under the Celotex brand. This includes products such as insulation boards and insulated plasterboards.[10]
See also
References
External links
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