PPG US$2.7bn settlement

Chemical and paint maker PPG Industries Inc and more than 30 insurers have agreed a US$2.7bn settlement of existing and future asbestos claims arising from manufacture of pipe insulation containing asbestos between 1962 and 1972 by Pittsburgh Corning (50% owned by PPG). Under the scheme, which provides the option for each party of immediate payment or spread over 21 years, insurers will contribute about US$1.8bn, PPG providing US$900mn and stock shares.