Cooper Industries Intends To Appeal Jury Verdict In Abex Asbestos Case
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HOUSTON, TX, December 15, 2005- Cooper Industries (NYSE: CBE) said today that it disagrees with and intends to appeal the verdict in an Abex friction products asbestos case that was announced today in the Dade County, Florida, court where the case was heard.
The jury award was $31 million in this asbestos case. The Company's potential liability is substantially less than the announced verdict because of allocation of fault to other defendants, settlement offsets and insurance recoveries. The Company reiterated its commitment to vigorously defend asbestos claims, many of which it believes are frivolous or unsupported by the evidence. The company said it remains confident of its position.
A Cooper subsidiary defended the case pursuant to its guarantee obligations to Pneumo Abex. The case arises from Cooper's former Abex products business, which was sold to Federal-Mogul in 1998. Cooper took over defense of Abex cases when Federal-Mogul entered Chapter 11 bankruptcy in October 2001.
Cooper Industries, with 2004 revenues of $4.5 billion, is a global manufacturer of electrical products and tools and hardware. Headquartered in Houston, Texas, Cooper has approximately 29,000 employees serving more than 90 locations around the world, and sells products to customers in more than 50 countries. For more information, visit the Company's Internet site, www.cooperindustries.com.
