Increasing paranoia over asbestos claims in the US has led Finnish processing and packaging machinery manufacturer, Metso, to issue a statement claiming that it does not believe that any asbestos suits will be brought against it.
The company carried out a field study on all its operations in the US, to try and determine whether or not it might be liable.
"The study confirms the earlier estimation that Metso has no asbestos related claims in the United States that are expected to have a material negative effect on the company's operations, financial condition or results of operations."
The report then goes on to highlight a number of specific cases where claims have been brought against the company, including Neles-Jamesbury, part of the Metso Automation business area, relating to valves previously manufactured by Neles-Jamesbury. The company pointed out that out of a total of 270 claims 71 have been dismissed and 51 claims were settled for an average compensation of $551 (€546). The outcome of the remaining 137 claims are not expected to deviate from the other settled claims, the company said.
Metso also reported that two other claims have been brought against its US subsidiary Metso Minerals Industries (formerly, Svedala Industries), which is part of the Metso Minerals business area. One of the claims has been dismissed. In the remaining claim, Metso is one of the 22 defendants and the claim is not expected to have a material adverse economic effect, said the company.
In recent months a number of key players in the global packaging and processing business have been able to breathe a sigh of relief over asbestos liabilities in the US. They include Crown Cork & Seal and French company Saint-Gobain, who have both had similar results with asbestos suits.