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A trust established to assume Raytech Corp.'s legal liabilities from asbestos-exposure claims has paid $9.5 million to the company's environmental creditors and intends to take the business private, according to a Securities and Exchange Commission filing.
Raytech Corp. of Shelton had formed The Raytech Corp. Asbestos Personal Injury Trust five years ago as part of a reorganization Plan in U.S. Bankruptcy Court. The trust assumed all liabilities of Raytech and its predecessors as well as successors in any legal actions involving personal injury or death claims allegedly caused by exposure to its products containing asbestos.
Raytech manufactures wet (oil immersed) and dry clutch, power transmission and brake systems, as well as specialty engineered polymer matrix composite products and related services for vehicle applications. It has plants in the United States, Germany and China and technology and research centers in Indiana and Germany. It has 1,704 workers.
Raytech is relocating its corporate functions from 4 Corporate Drive in Shelton to Crawfordsville, Ind. Company officials did not respond to messages left at its Shelton headquarters.
Raytech issued 3,228,888 shares of common...