Bondex
Bondex started as a brand name that was first created and marketed by the Reardon Company. It was a joint compound and bonding agent used both commercially and residentially. RPM International acquired the Reardon Company in 1966, primarily because of the success of Bondex products.
RPM, started in 1947 by Frank C. Sullivan, was initially called Republic Powdered Metals, Inc. Its first product was a heavy-duty protective coating called Alumanation. RPM eventually earned an “E” award from President Lyndon Johnson for the rapid growth of its export business.
The company retained the Republic Powdered Metals, Inc. name until 1971, when Frank’s son Thomas took over. At that point, Republic Powdered Metals became a holding company under the larger RPM, Inc, as did Bondex. Over the next several decades, RPM went on to acquire such well-known companies as Rust-Oleum and BFGoodrich. Today, RPM, Inc. is considered one of the leading manufacturers of protective paints and coatings. From the time it was founded in 1947 through its fiscal year 1999, RPM, Inc. increased both sales and profits every year. The 52-year streak was broken in the year 2000, however, when profits declined.
RPM, Inc. has continued its trend of acquiring successful niche companies that add sales and profit to its balance sheet. During the 1990s, despite the recession, RPM, Inc. grew to a $2 billion company. As asbestos-related liabilities began to mount against Bondex, RPM, Inc. formed the Specialty Products Holding Corp (SPHC) and Bondex International was transferred to this separate entity. Other products transferred to SPHC included Chemspec, Guardian, Mohawk, Kop-Coat and Valvtect.
Bondex and Asbestos
The joint compound known as Bondex contained asbestos. The product was used by everyone from homebuilders and plumbers to do-it-yourself car mechanics. At the time that RPM acquired Reardon and Bondex, the dangers of asbestos exposure were not fully known. RPM continued marketing the product for another 11 years.
Some of the brand name products that contained asbestos include:
- Bondex Ready-Mixed Joint Cement
- Dramex Ready-Mixed Finish
- Bondex All-Purpose Joint Compound
- Liquid Aluminum Coating
- Bondex All-Purpose Joint Cement
- Bontone Fibred Masonry Coating
These products pose a unique danger because they enable asbestos fibers to become airborne, which means users of these products are not the only ones at risk of exposure. Construction workers who shared space with a fellow worker using a Bondex product could have been exposed as well.
Bondex and Asbestos Litigation
By 2010, more than 20,000 asbestos-related lawsuits had been filed against Bondex and SPHC has also been named in about 8,000 asbestos cases. In May 2010, both Bondex and SPHC filed for Chapter 11 bankruptcy in an attempt to resolve all pending litigation related to asbestos exposure. In its filing, SPHC stated that its asbestos-related costs during fiscal years 2005 to 2009 were estimated at $60 to $82 million per year. In a financial statement note about the bankruptcy, RPM stated that over $92 million in claims were paid during the fiscal year that ended on May 31, 2010. Bondex estimates that its asbestos-related liabilities from May 31, 2006 through the year 2016 will be over $420 million.
Because Bondex and SPHC have filed Chapter 11 bankruptcy, existing claims will not be paid until a reorganization plan is approved and executed. If you believe you or a family member may have been exposed to asbestos through use of Bondex products, consult your physician right away. Asbestos-related conditions such as mesothelioma can take decades to develop and symptoms are similar to common illnesses.
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© 2012 The Mesothelioma Center |
Last Modified Thursday, February 9th, 2012 | Disclaimer | Privacy Policy |
The information provided by The Mesothelioma Center is not a substitute for professional medical advice, diagnosis or treatment.
Sponsored by a law firm concentrating in asbestos litigation, The Peterson Firm, LLP with offices at 1350 Connecticut Ave, NW, Fifth Floor, Washington DC 20036.
