Rapid-American Corporation (“Rapid”) was formed in 1957. Rapid has never engaged in an asbestos business of any kind. However, through a series of mergers, Rapid has incurred successor liability for personal injury claims arising from exposure to asbestos-containing products sold by The Philip Carey Manufacturing Company as that entity existed prior to June 1, 1967 (“Philip Carey”).
Philip Carey was formed in Ohio in 1888. Philip Carey manufactured and sold building products, a number of which contained asbestos.
On June 1, 1967, a merger occurred between Philip Carey and Glen Alden Corporation.
On April 9, 1970, Philip Carey merged into Briggs Manufacturing Company. The survivor of that merger simultaneously changed its name to Panacon Corporation. From April 9, 1970 to April 17, 1972, Glen Alden owned a majority of Panacon’s shares.
On April 17, 1972, Glen Alden sold its stock in Panacon to The Celotex Corporation. On June 30, 1972, Panacon (then a subsidiary of Celotex) merged into Celotex.
On November 3, 1972, Rapid-American Corporation, an Ohio corporation, merged with and into Glen Alden. The survivor of the merger, Glen Alden, changed its name to Rapid-American Corporation, a Delaware corporation.
On January 31, 1981, Rapid-American Corporation merged with and into Kenton Corporation and R-K Holding Corp., Delaware corporations, and the survivor of that merger, Kenton, changed its name to Rapid-American Corporation, the present day Rapid.
Rapid filed for Chapter 11 bankruptcy protection in 2013.