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Subsidiary of Circor Files for Bankruptcy Due to Asbestos Claims

Leslie Controls Inc.--a unit of Circor, a company that supplies and manufactures valves, regulators, steam water heaters, actuators and controls--is in the midst of negotiating Chapter 11 bankruptcy in Delaware due to 1,307 personal-injury related asbestos claims that have been brought against the company.

"The cost of this defense has exceeded the profits generated by Leslie's operations, and we have been considering for some time a range of strategic alternatives that would enable us to permanently eliminate this risk," Circor Chairman and Chief Executive Bill Higgins told the Wall Street Journal.

Chelsea Hennessy

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