Court rules corporate successors are responsible for historical asbestos liabilities
COLUMBIA, S.C.--(BUSINESS WIRE)-- A South Carolina trial court has found that ESAB Corp. (NYSE: ESAB) and the France-based Altrad Group are responsible for Cape Asbestos Co. Ltd.'s. historical asbestos operations, making the two companies liable for legal judgments.
The ruling, announced Sept. 14 by former South Carolina Chief Justice Jean H. Toal, confirms that ESAB and Altrad are responsible for cancer-causing asbestos imported and distributed throughout the United States for decades.
The ruling came in a lawsuit filed by John A. Tibbs and his wife, who are seeking to hold the companies responsible for the sale of raw asbestos that caused Mr. Tibbs’ cancer.
“Cape has engaged in moral fraud in the United States for more than 50 years. This ruling opens the door for thousands of claimants to recover against one of the largest corporate conglomerates in the world, the same conglomerate that poisoned generations of workers,” said attorney Trey Branham of Dean Omar Branham Shirley, LLP. “We have already obtained separate judgments against Cape, including one for $38 million for our client Jerry Ross and his family, and we intend to immediately begin the enforcement process against those the Court found responsible.”
ESAB and Altrad Linked to Cape's Historical Operations
ESAB, an American-Swedish industrial company, is the ultimate corporate parent of Charter Consolidated and Central Mining, entities that the court found participated in controlling Cape's asbestos business and its distribution of asbestos into the United States.
The Altrad Group, a multinational industrial services group in energy, power generation, oil and gas and other industries, acquired Cape in 2017. The court’s rulings determined that Altrad Investment Authority S.A.S. and its chairman, Mohed Altrad, are responsible for Cape’s conduct and liabilities.
Decades of Asbestos Sales and Alleged Concealment
Great Britain-based Cape was the largest supplier of asbestos to the United States during the 20th century. Historical corporate records cited in the litigation indicate that Cape supplied more than 95% of commonly used industrial asbestos imported into the U.S. Cape’s asbestos was used extensively in industrial facilities, manufacturing operations and naval vessels.
The case is Tibbs v. 3M Company, et al., Case No. 2023-CP-40-01759, in the Court of Common Pleas for Richland County, South Carolina.
About Dean Omar Branham Shirley
Dean Omar Branham Shirley, LLP, is a national trial law firm representing individuals and families affected by catastrophic injuries, occupational diseases, and wrongful death. The firm represents plaintiffs in asbestos litigation throughout the United States.
A group of naturally occurring fibrous minerals that were widely used for insulation and fireproofing; when disturbed, tiny fibers can be released into the air and lodged in lungs, causing serious health problems. Investors care because asbestos creates long-term financial risks — cleanup expenses, legal claims, regulatory bans, and reduced property or product value — much like finding hidden mold that can force costly repairs and penalties over many years.
corporate successorsregulatory
Corporate successors are entities that legally take over another company’s rights, assets, obligations or liabilities through actions like mergers, acquisitions, reorganizations, or assignments. For investors, knowing who the successor is matters because that successor steps into the original company’s contracts, debts and business operations—like a new owner inheriting both the keys to a house and its outstanding bills—so responsibilities and entitlements can continue under a different legal entity.
trial courtregulatory
A trial court is the first court that hears and decides a legal dispute, where evidence is presented, witnesses may be questioned, and factual findings are made before a judge or jury. It matters to investors because trial-court rulings establish the factual record and initial legal outcome—such as liability, damages, or injunctions—that can affect a company’s finances, operations, or regulatory status and that may later be reviewed on appeal.
