Yarway Corp., Industrial Valve Maker, Files Bankruptcy

Yarway Corp., a Tyco International Ltd. (TYC) unit that makes industrial valves, sought bankruptcy court protection in the face of asbestos liability claims. The company, with offices in Boca Raton, Florida, listed more than $100 million each in assets and debts in papers filed yesterday in U.S. Bankruptcy Court in Wilmington, Delaware. The bankruptcy “was precipitated by the continuing assertion of claims by personal injury plaintiffs” from alleged exposure to asbestos in gaskets and packing from the 1920s to the 1970s, said Yarway Vice President Kevin Coen in court papers. The company was founded in 1908 by Robert Yarnall and Bernard Waring as Simplex Engineering Co., was sold to Keystone International Inc. in 1986, and in 1997 was bought by Tyco, according to Coen’s account. read more at:http://www.bloomberg.com/news/2013-04-23/yarway-corp-industrial-valve-maker-files-bankruptcy.html