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People & Business :: Earnings/Finance

Grace raises asbestos liability estimate to over $2 billion

10:39 AM MST | January 25, 2013 | Rebecca Coons

W.R. Grace says it will adjust its recorded asbestos-related liability to $2.07 billion, $365.0 million more than previous expectations released last November. Grace says it will report a $365.0-million noncash, pretax charge in its fourth quarter 2012 earnings.  Grace reached an agreement with asbestos claimants in November 2012 to settle a warrant funding a portion of its asbestos liabilities in cash rather than Grace stock. Grace had earlier agreed to fund a portion of an asbestos settlement trust with a warrant to acquire 10 million Grace...

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