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September 19, 2018

Acting U.S. Surgeon General Issues Statement on the Dangers of Asbestos in Support of National Asbestos Awareness Week

WASHINGTON–(BUSINESS WIRE)–

The Asbestos Disease Awareness Organization (ADAO) applauds the statement today from Rear Admiral Boris Lushniak, Acting U.S. Surgeon General that “There is no known safe level of asbestos exposure and precautions should be taken to protect your health.” As his statement explained, “Scientists have long understood that asbestos can cause mesothelioma, lung cancer, and other lung diseases when the fibers are inhaled…Apparent symptoms and disease may take many years to develop following exposure, and asbestos-related conditions can be difficult to identify.”

ADAO is honored that Dr. Lushniak will be the keynote speaker at our 10th Annual Asbestos Disease Awareness Conference, “Where Knowledge and Action Unite,” April 5, 2014 in Washington, D.C.

Since 2004, ADAO has been working with Congress and the White House to prevent asbestos exposure in efforts to eliminate deadly asbestos-related diseases. The 10th annual Senate Resolution 336, designating April 1 – 7 as National Asbestos Awareness Week includes a chilling list of facts about the dangers of asbestos. “Asbestos is deadly. It does not think; it just kills. This so-called miracle mineral gets into your body and doesn’t show itself for years,” said Michael Bradley, a 29-year-old mesothelioma patient. Bradley is a presenter at the ADAO Conference, on the topic “Asbestos Ruined My Life.” Each day of the 2014 Asbestos Awareness Week educational campaign features the Acting U.S. Surgeon General’s statement, guest blogs from experts and patient stories like Bradley’s, shared through social media networks.

“More than 10,000 Americans die every year from preventable diseases, yet exposure continues,” stated Linda Reinstein, ADAO Co-Founder and President. “The time is now for Congress to begin the steps to reduce and eventually stop asbestos imports and ban asbestos. Fifty-five countries have banned asbestos, but the U.S. is not one of them. Millions of tons of asbestos remain in U.S. homes, schools, offices, and factories. The U.S. Geological Survey (USGS) reported that in 2013, U.S. asbestos consumption was 950 tons in order to meet ‘manufacturing needs.’ There is consensus from the U.S. Environmental Protection Agency, National Institute for Occupational Safety and Health, World Health Organization, International Labor Organization, and International Agency for Research on Cancer that asbestos is a carcinogen and there is no safe level of exposure to asbestos.”

To read the Acting Surgeon General’s full statement, visit: http://www.hhs.gov/news/press/2014pres/04/20140402a.html.

About the Asbestos Disease Awareness Organization

The Asbestos Disease Awareness Organization (ADAO) was founded by asbestos victims and their families in 2004. ADAO seeks to give asbestos victims a united voice to help ensure that their rights are fairly represented and protected, and raise public awareness about the dangers of asbestos exposure and the often deadly asbestos-related diseases. ADAO is funded through voluntary contributions and staffed by volunteers. For more information, visit www.asbestosdiseaseawareness.org.

Contact:

ADAO

Kim Cecchini, 202-391-5205


kim@asbestosdiseaseawareness.org

See the original article here: 

Acting U.S. Surgeon General Issues Statement on the Dangers of Asbestos in Support of National Asbestos Awareness Week

ADAO Announces Rear Admiral Boris Lushniak, Acting U.S. Surgeon General, as 2014 Keynote Speaker

LOS ANGELES–(BUSINESS WIRE)–

The Asbestos Disease Awareness Organization (ADAO), which combines education, advocacy, and community to help ensure justice for asbestos victims, today announced Rear Admiral (RADM) Boris D. Lushniak, M.D., M.P.H., Acting United States Surgeon General, as the keynote speaker at its 2014 conference. At the upcoming 10th Annual Asbestos Awareness Conference to be held April 4-6 in Washington, D.C., Dr. Lushniak will join a premier list of more than 30 renowned speakers from ten countries who will present on the latest advancements in asbestos disease prevention, treatment for mesothelioma and other asbestos-caused diseases, and global ban asbestos advocacy.

As the Acting United States Surgeon General, Dr. Lushniak articulates the best available scientific information to the public regarding ways to improve personal health and the health of the Nation. He also oversees the operations of the U.S. Public Health Service (USPHS) Commissioned Corps, comprising approximately 6,700 uniformed health officers who serve in locations around the world to promote, protect, and advance the health and safety of our Nation. Dr. Lushniak served as Deputy Surgeon General from November 2010, until July 17, 2013, when he assumed the duties of Acting U.S. Surgeon General.

“ADAO is privileged to welcome Dr. Lushniak as our 2014 keynote speaker,” stated ADAO Co-Founder and President, Linda Reinstein. “Dr. Lushniak has been a passionate promoter of public health for decades, having joined the USPHS in 1988. We are truly honored that he will lend his valuable time and expertise to our 10th Annual Conference to help us promote important information about the dangers of asbestos exposure.”

The Office of the Surgeon General has played an instrumental role in helping to promote asbestos awareness, having issued two official statements during National Asbestos Week since 2009. ADAO has collaborated over the years with the Office, having worked with four U.S. Surgeons General to date.

“I am very happy that my old friend and Acting Surgeon General Boris Lushniak will be joining us as our Keynote Speaker for this year’s conference celebrating our 10th year of advocating for the victims of asbestos-related diseases and their families,” said Dr. Richard A. Lemen, Assistant Surgeon General, USPHS (Ret.) and ADAO Science Advisory Board Co-Chairman. “It is certainly an honor that the leader of the Nation’s Premier Public Health Agency will share with us his thoughts about asbestos-related diseases and their elimination.”

Despite its known dangers, there is still no global ban on asbestos, and it continues to claim lives. Exposure to asbestos, a human carcinogen, can cause mesothelioma, lung, gastrointestinal, laryngeal, and ovarian cancers; as well as non-malignant lung and pleural disorders. The World Health Organization estimates that 107,000 workers around the world will die every year of an asbestos-related disease, equaling 300 deaths per day.

ADAO will hold its Tenth Annual International Asbestos Awareness Conference on April 4-6, 2014, at the Crystal Gateway Marriott in Arlington, VA.

About the Asbestos Disease Awareness Organization

The Asbestos Disease Awareness Organization (ADAO) was founded by asbestos victims and their families in 2004. ADAO is the largest non-profit in the U.S. dedicated to providing asbestos victims and concerned citizens with a united voice through our education, advocacy, and community initiatives. ADAO seeks to raise public awareness about the dangers of asbestos exposure, advocate for an asbestos ban, and protect asbestos victims’ civil rights. For more information, visit www.asbestosdiseaseawareness.org.

MULTIMEDIA AVAILABLE:http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50805786&lang=en

Contact:

Asbestos Disease Awareness Organization (ADAO)

Kim Cecchini

Media Relations

202-391-5205


Kim@asbestosdiseaseawareness.org

See original article here:

ADAO Announces Rear Admiral Boris Lushniak, Acting U.S. Surgeon General, as 2014 Keynote Speaker

The Asbestos Disease Awareness Organization (ADAO) Applauds U.S. Senate for Passage of the Tenth Annual Resolution …

LOS ANGELES–(BUSINESS WIRE)–

The Asbestos
Disease Awareness Organization
(ADAO), which combines education,
advocacy, and community to help ensure justice for asbestos victims,
applauds the U.S. Senate passing of the tenth annual resolution
establishing April 1-7 as “National Asbestos Awareness Week.” Senate
Resolution 336, led by Senator Max Baucus (D-MT) and cosponsors, passed
on January 16, 2014, designating a week dedicated to raising public
awareness about the prevalence of asbestos-related diseases and the
dangers of asbestos exposure.

“Senator Baucus’ legacy of leadership as an advocate for asbestos
awareness and education is unmatched,” stated Linda Reinstein, President
and Co-Founder of the Asbestos Disease Awareness Organization. “This
resolution establishing the tenth annual ‘National Asbestos Awareness
Week’ is a fitting way for us to bid him farewell as he exits his
position as a beloved U.S. Senator for the State of Montana. As a
mesothelioma widow, I am forever indebted to him for playing such an
important role in shaping a new era of asbestos awareness and advocacy
for victims and their families.”

Despite its known dangers, there is still no global ban on asbestos, and
it continues to claim lives. Exposure to asbestos, a human carcinogen,
can cause mesothelioma, lung, gastrointestinal, laryngeal, and ovarian
cancers; as well as non-malignant lung and pleural disorders. The
World Health Organization estimates that 107,000 workers around the
world will die every year of an asbestos-related disease
, equaling
300 deaths per day.

“With the people of Libby in mind, I am honored to sponsor the Asbestos
Awareness Week resolution. Although we can’t right the tragic wrong that
took place in Libby, Asbestos Awareness Week makes sure folks have the
resources and tools they need to keep the tragedy of Libby from
happening again,” said Baucus, who was instrumental in urging the EPA to
declare its first ever public health emergency in Libby, Montana. “I’m
proud of the Asbestos Disease Awareness Organization and folks across
Montana for the work they have done to raise awareness and fight for the
victims of asbestos exposure.”

“On behalf of ADAO, I would also like to thank Senator Barbara Boxer
(D-CA), Senator Richard Durbin (D-IL), Senator Johnny Isakson (R-GA),
Senator Patty Murray (D-WA), Senator Harry Reid (D-NV), and Senator Jon
Tester (D-MT) for their support of Resolution 336,” stated Ms.
Reinstein. “We are delighted by the bi-partisan support and rapid
passage of this resolution, so that we can again build a continuing
legacy of hope that is documented at this same time each year.”

ADAO will hold its Tenth
Annual International Asbestos Awareness Conference
on April 4 – 6,
2014, at the Crystal Gateway Marriott in Arlington, VA. More than 30
renowned medical experts and asbestos victims from ten countries will
speak on the latest advancements in asbestos disease prevention,
treatment for mesothelioma and other asbestos-caused diseases, and
global ban asbestos advocacy.

About the Asbestos Disease Awareness Organization

The Asbestos Disease Awareness Organization (ADAO) was founded by
asbestos victims and their families in 2004. ADAO is the largest
non-profit in the U.S. dedicated to providing asbestos victims and
concerned citizens with a united voice through our education, advocacy,
and community initiatives. ADAO seeks to raise public awareness about
the dangers of asbestos exposure, advocate for an asbestos ban, and
protect asbestos victims’ civil rights. For more information, visit www.asbestosdiseaseawareness.org.

Contact:

Asbestos Disease Awareness Organization (ADAO)

Kim Cecchini

Media Relations

202-391-5205


Kim@asbestosdiseaseawareness.org

Read this article:

The Asbestos Disease Awareness Organization (ADAO) Applauds U.S. Senate for Passage of the Tenth Annual Resolution …

ADAO Announces 10th Annual International Asbestos Awareness Conference Honorees

LOS ANGELES–(BUSINESS WIRE)–

Today, the Asbestos Disease Awareness Organization (ADAO), the largest non-profit dedicated to preventing asbestos-related diseases, announced its Sunday keynote speaker and honorees for the upcoming Tenth Annual International Asbestos Awareness Conference, entitled Where Knowledge and Action Unite.

The conference will be held April 4 – 6, 2014, at the Crystal Gateway Marriott in Arlington, VA. More than 30 renowned medical experts and asbestos victims from ten countries will speak on the latest advancements in asbestos disease prevention, treatment for mesothelioma and other asbestos-caused diseases, and global ban asbestos advocacy. The conference will also include an Awards and Recognition Dinner and a Unity and Remembrance Brunch. The 2014 Sunday keynote speaker will be Ms. Susan Vento, widow of the late Congressman Bruce Vento, who died of mesothelioma in 2000.

“The 2014 ADAO conference is an event like no other. It builds on nine years of increasingly successful events for the unified asbestos disease awareness community,” said Dr. Richard Lemen, retired U.S. Assistant Surgeon General and ADAO Science Advisory Board Co-Chair. “I am truly excited to be a part of this global conference.”

“As ADAO unveils our 10th annual conference, we are reminded that while we have greatly advanced education, asbestos is still legal and lethal in the United States,” stated Linda Reinstein, President/CEO and Co-Founder of ADAO. “More than 31 million tons of asbestos have been used since 1900 and imports continue today. Asbestos is an invisible toxin that kills 30 Americans each day and prevention remains the only cure.”

Each year, ADAO’s conference recognizes outstanding individuals and organizations from around the world that serve as a voice for asbestos victims, raising awareness and advocating for a worldwide asbestos ban. ADAO is delighted to announce the 2014 ADAO Honorees which include: Congressman Henry Waxman, Dr. David Egilman, Dr. Ken Takahashi, The Association Nationale de Défense des Victimes de l’Amiante (ANDEVA), Bill Ravanesi, Congressman Bruce Vento (posthumously), Janelle Bedel (posthumously), Heather Von St. James, and Lou Williams.

To register for ADAO’s 2014 conference, visit the following link: http://bit.ly/18UUGWH

About the Asbestos Disease Awareness Organization

The Asbestos Disease Awareness Organization (ADAO) was founded by asbestos victims and their families in 2004. ADAO is the largest non-profit in the U.S. dedicated to providing asbestos victims and concerned citizens with a united voice through our education, advocacy, and community initiatives. ADAO seeks to raise public awareness about the dangers of asbestos exposure, advocate for an asbestos ban, and protect asbestos victims’ civil rights. For more information, visit www.asbestosdiseaseawareness.org.

Contact:

Asbestos Disease Awareness Organization (ADAO)

Kim Cecchini, 202-391-5205

Media Relations


Kim@asbestosdiseaseawareness.org

Visit source:  

ADAO Announces 10th Annual International Asbestos Awareness Conference Honorees

Experts' concerns over asbestos dump plans

EXPERTS in geology and hydrology do not believe a Chew Valley quarry is an appropriate location for an asbestos dump.

The witnesses for an action group were giving evidence on the second day of an inquiry into proposals to dump thousands of tonnes of asbestos in Stowey Quarry yesterday.

  1. stowey

    Campaigners at a previous Stowey Quarry protest

The Stowey Sutton Action Group oppose the application made by quarry owner Larry Edmunds.

Bath and North East Somerset Council refused permission for the dump, prompting the inquiry at Fry’s Conference Centre in Keynsham.

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Geologist Gareth Thomas told Government planning inspector Brian Cook that analysis of land next to the quarry showed added weight from landfill could pose the potential for a landslip.

He said if the quarry was used for landfill there would be “significant potential for slope instability” on adjacent land.

“If you add material to the top of the slopes you could trigger a landslip,” he said.

He also said changes in the ground water makeup of the quarry – for example if material blocked drainage from rocks at the site – could also trigger instability.

Meanwhile, hydrologist Dr Kay Boreland told the inquiry she had concerns about the risk of contamination of ground water at the site.

She explained that although asbestos fibres are not soluble, they could still be “transported in suspension” and find their way into ground water stores.

She explained that the limestone rock surrounding the quarry was saturated with water and that the dump would be “completely reliant” on an engineered liner to stop any leakage running into ground water.

Ms Boreland explained that it was “generally accepted” that no landfill or any liner could be 100 per cent secure.

“This is not a suitable site for hazardous waste,” she said.

“Typically in this country, asbestos waste is disposed of at sites where ground and ground water conditions make them suitable.

“In my opinion there is too great a risk to put hazardous materials into this site.”

The inquiry earlier heard from the Environment Agency which dropped its objections to the proposal after Mr Edmunds successfully made a change to his application on Tuesday.

He originally wanted to dump “stable non-reactive hazardous waste”, as well as inert waste and asbestos, but has now taken this out of his plans.

Barbara Keenan, from the Environment Agency, only had concerns regarding the “stable non-reactive hazardous waste” – which can include leachable substances and organic content – but not asbestos polluting ground water at the site.

The inquiry will next sit on October 3 and 4 when Mr Cook will hear from expert witnesses supporting the plan put forward by the quarry owner.

See more here:

Experts' concerns over asbestos dump plans

Rick Nemeroff Of The Nemeroff Law Firm Returns As Co-Chair For National Asbestos Litigation Conference

DALLAS, Aug. 14, 2013 /PRNewswire/ — Rick Nemeroff, owner of The Nemeroff Law Firm and leading representative of mesothelioma victims, was selected to return as co-chair and moderator for the 2013 Asbestos Litigation Conference: A National Overview and Outlook. The event gives thought leaders in the asbestos field an opportunity to discuss how trends in litigation may impact future cases.

(Photo:  http://photos.prnewswire.com/prnh/20130814/NE63658)

The event, hosted by Perrin Conferences, brings asbestos insurance, legal, corporate and scientific leaders together to review the direction and climate of asbestos litigation. Topics for discussion include emerging and specialized claims, recent verdicts, decisions and events, as well as strategies on litigating cases in particular states and leading jurist’s perspectives.

“We’re proud to have Rick Nemeroff chair our National Asbestos Conference once again,” said Lynnsey Perrin, founder of Perrin Conferences. “Rick’s vast experience in this highly competitive field and enviable record of results place him at the forefront of asbestos litigation.”

Practicing since 1993, Nemeroff has established himself as a leading trial lawyer, combining compassion with aggressive litigation skills to fight for individuals and families who have been harmed by the actions of negligent corporations. He is a sought-after speaker and presenter for all aspects of asbestos litigation.

“I’m honored to return as co-chair and moderator for this year’s conference,” said Nemeroff. “It’s a great opportunity for us, as representatives of victims and their families, to discuss industry and legal developments and what those might mean for our clients.”

Established in 2009, the National Asbestos Litigation Conference offers a vibrant and open forum to help attendees understand the trends currently driving asbestos litigation and what the future will present. The conference will be hosted at the Fairmont Hotel in San Francisco on Sept. 16-18.

About Nemeroff Law Firm

With offices in Dallas, Houston, New Orleans and Pittsburgh, The Nemeroff Law Firm is a nationally recognized trial firm dedicated to helping individuals and families who suffer from asbestos related mesothelioma, harmful pharmaceuticals, and catastrophic personal injuries or death as a result of the wrongful or negligent conduct of others. Led by attorney Rick Nemeroff, the firm serves clients throughout the United States and Mexico, combining compassion and caring with aggressive litigation skills to deliver life-changing results.  For more information, contact The Nemeroff Law Firm at 866-435-1831, go to www.nemerofflaw.com or follow them on Twitter.



Contact:

Gigi Westerman


info@strategicimage.com


817-274-0075

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Rick Nemeroff Of The Nemeroff Law Firm Returns As Co-Chair For National Asbestos Litigation Conference

Nemeroff Law Firm To Sponsor Ninth Annual ADAO International Asbestos Awareness Conference

DALLAS, March 20, 2013 /PRNewswire/ — The Nemeroff Law Firm, a leader in mesothelioma litigation, is proud to be a sponsor of the 2013 ADAO International Asbestos Awareness Conference, to be held in Washington, D.C. March 22-24. This year’s conference, “The Asbestos Crisis: New Trends in Prevention and Treatment,” features more than 30 renowned experts and asbestos victims from five countries, presenting the latest advancements in disease prevention, global advocacy, and treatment for mesothelioma and other asbestos-caused diseases.

(Photo: http://photos.prnewswire.com/prnh/20130320/NE80710 )

The annual conference is put on by the Asbestos Disease Awareness Organization (ADAO), an organization founded by asbestos victims and their families to help raise public awareness about the dangers of asbestos exposure. ADAO is an independent global organization dedicated to preventing asbestos-related diseases through education, advocacy, and community. This year’s conference will offer cutting-edge sessions on medical advancements, patient and caregiver support, prevention and advocacy.

“The ADAO plays a critical role in asbestos research and advocacy on behalf of mesothelioma patients and their families,” said Rick Nemeroff, founder of The Nemeroff Law Firm. “We are proud to support this important conference and we offer an experienced legal team ready to fight on behalf of the victims of this disease.”

The Nemeroff Law Firm is dedicated to helping individuals and families who suffer from asbestos related mesothelioma. The firm focuses on delivering the best possible results in the quickest possible timeframe. Beyond the courtroom, The Nemeroff Law Firm is an active and dedicated advocate for mesothelioma research and patients’ rights, contributing to the mesothelioma community and sponsoring important events like the ADAO International Asbestos Awareness Conference.

About The Nemeroff Law Firm
With offices in Dallas, Houston, New Orleans and Pittsburgh, The Nemeroff Law Firm is a nationally recognized trial firm dedicated to helping individuals and families who suffer from asbestos related mesothelioma, harmful pharmaceuticals, and catastrophic personal injuries or death as a result of the wrongful or negligent conduct of others. Led by attorney Rick Nemeroff, the firm serves clients throughout the United States and Mexico, combining compassion and caring with aggressive litigation skills to deliver life-changing results.  For more information, contact The Nemeroff Law Firm at 866-435-1831, go to www.nemerofflaw.com or follow them on Twitter.

Continue reading: 

Nemeroff Law Firm To Sponsor Ninth Annual ADAO International Asbestos Awareness Conference

The Asbestos Disease Awareness Organization Praises Senator Baucus for Introducing the Ninth Annual Resolution …

LOS ANGELES–(BUSINESS WIRE)–

The Asbestos
Disease Awareness Organization
 (ADAO), which combines education,
advocacy and community as the leading U.S. organization serving as the
voice of asbestos victims, today applauds Senator Max Baucus (D-MT) and
cosponsors for again introducing Senate Resolution 66 designating the
first week of April as “National Asbestos Awareness Week” that seeks to
“raise public awareness about the prevalence of asbestos-related
diseases and the dangers of asbestos exposure.”

“ADAO applauds the U.S. Senate for its introduction of the Ninth
Annual Resolution
recognizing National Asbestos Awareness Week,”
said Linda Reinstein, President and Co-Founder of the Asbestos Disease
Awareness Organization. “As a mesothelioma
widow
, it is still shocking to me that most Americans are unaware
that asbestos has not been banned and exposure continues at home, work,
and in our children’s schools. Since 2005, educational collaborative
efforts have increased, as prevention remains the only cure for
mesothelioma and other asbestos-caused diseases. We know education saves
dollars and lives and ADAO looks forward to the U.S. Senate unanimously
passing this important Resolution designating April 1 – 7 to be a week
of awareness to protect families throughout the nation.”

“Sadly, we do not have a cure for cancers caused by asbestos, but they
are preventable. Asbestos Awareness Week promotes saving lives through
prevention. On behalf of ADAO, thank you Senator Baucus, and your
supporters Senator Barbara Boxer (D-CA), Senator Richard Durbin (D-IL),
Senator Johnny Isakson (R-GA), Senator Patty Murray (D-WA), Senator
Harry Reid (D-NV), and Senator Jon Tester (D-MT) for helping us save
lives through designating a week for asbestos disease awareness to
remind the American public that asbestos-related diseases still occur
but that the good news is they can be prevented,” said Dr. Richard A.
Lemen, ADAO
Science Advisory
 Co-Chair and retired Assistant Surgeon General.

Asbestos is a known human carcinogen and exposure can cause
mesothelioma, lung, gastrointestinal, laryngeal and ovarian cancers, as
well as non-malignant lung and pleural disorders. The World
Health Organization estimates that 107,000 workers around the world will
die every year of an asbestos-related disease –
 equaling 300 deaths
per day.

ADAO will hold its Ninth
Annual International Asbestos Awareness Conference
 on March 23 in
Washington, D.C. To register for ADAO’s 2013 conference, visit the
following link: http://bit.ly/Svdp0c

About Asbestos Disease Awareness Organization

Asbestos Disease Awareness Organization (ADAO) was founded by asbestos
victims and their families in 2004. ADAO seeks to give asbestos victims
and concerned citizens a united voice to raise public awareness about
the dangers of asbestos exposure. ADAO is an independent global
organization dedicated to preventing asbestos-related diseases through
education, advocacy, and community. For more information, visit www.asbestosdiseaseawareness.org.

Contact:

Asbestos Disease Awareness Organization (ADAO)

Doug Larkin

Director of Communications

202-391-1546


doug@asbestosdiseaseawareness.org
www.asbestosdiseaseawareness.org

See original article: 

The Asbestos Disease Awareness Organization Praises Senator Baucus for Introducing the Ninth Annual Resolution …

Grace Announces Adjustment to Asbestos-Related Liability

COLUMBIA, Md.–(BUSINESS WIRE)–

W. R. Grace & Co. (GRA) announced today that it will adjust its
recorded asbestos-related liability to $2,065 million from the previous
amount of $1,700 million. Grace will report a $365 million non-cash,
pre-tax charge in its fourth quarter 2012 earnings. This non-cash charge
will have no impact on Adjusted EBIT or Adjusted EPS.

As discussed in the company’s November 9, 2012 teleconference with
analysts, an adjustment to the recorded amount is now necessary to
reflect the increased estimates of the settlement values of the warrant
and deferred payment obligation payable to the asbestos personal injury
trust under Grace’s plan of reorganization.

The company currently estimates the warrant’s value to be $490 million,
the maximum value under the company’s cash settlement agreement with the
asbestos trust. The cash settlement agreement was approved by the
bankruptcy court on December 17, 2012.

The company currently estimates the deferred payment obligation’s value
to be $547 million. The increase in the estimated value of the deferred
payment obligation reflects the company’s improved borrowing costs and
the expected timing of its bankruptcy emergence.

The non-cash charge of $365 million is lower than the range of $375
million to $475 million that the company had estimated in its November 9
teleconference.

The ultimate cost of settling the asbestos-related liability will be
based on the value of the consideration transferred to the asbestos
trusts at emergence and may vary from the current estimate.

The company will release fourth quarter 2012 earnings before market open
on February 6 and will conduct a conference call with analysts and
investors at 11:00 a.m. EST the same day. Conference call dial-in
instructions can be found at the Investor Information page
on the company’s web site at www.grace.com.

About Grace

Grace is a leading global supplier of catalysts; engineered and
packaging materials; and, specialty construction chemicals and building
materials. The company’s three industry-leading business segments—Grace
Catalysts Technologies, Grace Materials Technologies and Grace
Construction Products—provide innovative products, technologies and
services that enhance the quality of life. Grace employs approximately
6,000 people in over 40 countries and had 2011 net sales of $3.2
billion. More information about Grace is available at www.grace.com.

This announcement contains forward-looking statements, that is,
information related to future, not past, events. Such statements
generally include the words “believes,” “plans,” “intends,” “targets,”
“will,” “expects,” “suggests,” “anticipates,” “outlook,” “continues” or
similar expressions. Forward-looking statements include, without
limitation, all statements regarding Grace’s Chapter 11 case; expected
financial positions; results of operations; cash flows; financing plans;
business strategy; budgets; capital and other expenditures; competitive
positions; growth opportunities for existing products; benefits from new
technology and cost reduction initiatives, plans and objectives; and
markets for securities. For these statements, Grace claims the
protection of the safe harbor for forward-looking statements contained
in the Private Securities Litigation Reform Act of 1995. Like other
businesses, Grace is subject to risks and uncertainties that could cause
its actual results to differ materially from its projections or that
could cause other forward-looking statements to prove incorrect. Factors
that could cause actual results to materially differ from those
contained in the forward-looking statements include, without limitation:
developments affecting Grace’s bankruptcy, proposed plan of
reorganization and settlements with certain creditors, the cost and
availability of raw materials (including rare earth) and energy,
developments affecting Grace’s underfunded and unfunded pension
obligations, risks related to foreign operations, especially in emerging
regions, acquisitions and divestitures of assets and gains and losses
from dispositions or impairments, the effectiveness of its research and
development and growth investments, its legal and environmental
proceedings, costs of compliance with environmental regulation and those
factors set forth in Grace’s most recent Annual Report on Form 10-K,
quarterly report on Form 10-Q and current reports on Form 8-K, which
have been filed with the Securities and Exchange Commission and are
readily available on the Internet at
www.sec.gov.
Reported results should not be considered as an indication of future
performance. Readers are cautioned not to place undue reliance on
Grace’s projections and forward-looking statements, which speak only as
of the date thereof. Grace undertakes no obligation to publicly release
any revision to the projections and forward-looking statements contained
in this announcement, or to update them to reflect events or
circumstances occurring after the date of this announcement.

Contact:

W. R. Grace & Co.


Media Relations

Rich Badmington, +1 410-531-4370


rich.badmington@grace.com

or


Investor Relations

Mark Sutherland, +1 410-531-4590


mark.sutherland@grace.com

Original article – 

Grace Announces Adjustment to Asbestos-Related Liability