Plant Insulation Company Asbestos Settlement Trust

The Plant Insulation Company Asbestos Settlement Trust (PAST) was established in 2013 with approximately $130 million in initial funding. In 2022, 293 claims were filed and 193 were successfully settled, reflecting the Trust's mission to support those impacted by asbestos exposure.

History

The Plant Insulation Company, founded in 1937, worked as an insulation contractor involved in installing and removing insulation materials. From the 1940s through 1990, the company operated exclusively with Fibreboard Company products, many of which contained asbestos.

Although the company stopped installing asbestos - containing products in 1972, it continued to repair, maintain, and remove asbestos-based insulation, leading to prolonged exposure risks. Workers and their families eventually faced severe health consequences, including mesothelioma and lung cancer.

In 2001, Plant Insulation Company merged operations with Bayside Insulation and Construction Company. Due to the growing number of asbestos-related claims, Plant Insulation filed for bankruptcy in 2009. The Trust was created as part of the reorganization to fairly address existing and future claims.