The global diversified manufacturing company saw a dip in third quarter profits after asbestos charge.
New York (Mesothelioma Cancer News) – Defense and industrial manufacturing company ITT Corporation saw a substantial decrease in third quarter profits after a charge for asbestos claim liability. As reported by Dow Jones Newswires, a $131 million asbestos liability charge has led to a 73 percent profit decrease for the conglomerate.As noted in the report, ITT stated Friday its net income fell from $216.3 million to $59 million in the quarter.
The $131 million has reportedly been set aside for asbestos claims over the next decade. The asbestos exposure claims are purportedly attributed to the sale of asbestos containing pumps prior to 1985, which contained gaskets and packaging not manufactured by ITT.ITT Chairman and Chief Executive Steve Loranger is quoted by Dow Jones Newswires as stating of the company’s performance amid the loss, “We believe the company is doing what is required to emerge from the current economic environment as a much stronger company.”
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