Crane Co. Announces Proposed Asbestos Settlement; Plans for Subsidiary Pre-Pack

STAMFORD, Conn. - The Crane Co. announced Oct. 21 that it has reached an agreement to settle all pending and future asbestos-related claims asserted against the company for approximately $500 million.

According to a statement issued by Crane, the company has reached an agreement in principle with attorneys representing a majority of current asbestos claimants and an independent representative for future claimants, to resolve the company's asbestos-related liabilities.

Under the terms of the proposed settlement with current claimants, Crane has agreed to pay $280 million in cash to fund a trust for current asbestos claims. The fund will be established …