Latham & Watkins Represents Clyde Union in Divesture of Alleged Asbestos-Related Liabilities

Clyde Union (US), LLC (Clyde Union), a wholly-owned subsidiary of Celeros Flow Technology, LLC and a trusted supplier of engineered-to-order pumping technology used across a wide range of industries, has announced the completion of a permanent divestiture of certain non-operating subsidiaries facing legacy product liability claims arising from historic operations to a third party, Union Industries Holdings, LLC, in an equity transaction. As a result, Clyde Union has permanently divested its legacy asbestos liabilities and will no longer report these legacy asbestos liabilities on its balance sheet.

Latham & Watkins LLP represented Clyde Union in the transaction with a cross-disciplinary team led by Restructuring partners Jeff Bjork and Helena Tseregounis and counsel Chris Craige, and corporate partners Justin Rosenberg and Zachary Judd. Advice was provided on finance matters by partner Mark Morris and counsel Jonathan Shih; on tax matters by partner Nicholas DeNovio; on insurance matters by partner John Wilson; and on litigation matters by partner Amy Quartarolo.