Synkoloid (Bayonne)

The Synkoloid Company is headquartered in Bayonne, New Jersey. They manufacture paint and ancillary painting products, such as varnish, brushes, painting tape, and sealants. Other products manufactured by Synkoloid include bitumen derivative products and asphalt. Synkoloid was founded in the early part of the 20th century, primarily as a paint manufacturer. In the 1940’s the company expanded their line of products to include several popular brands and products that used asbestos. Near the end of the time that Synkoloid manufactured these products, in 1975, the company was acquired by the Arta Group. The acquisition occurred only after a long string of purchases and transactions. As part of the sale, Arta acquired all of Synkoloid’s liability arising from incidents beginning in 1962. Arta held on to Synkoloid, continuing to manufacture and sell all of their original products until 1981. In 1981, Arta sold the company to Muralo. Muralo was smarter in their purchase of Synkoloid than Arta had been. As part of their purchase agreement, Muralo would be held harmless from all claims of Synkoloid product liability. This clause protected Muralo for several decades as asbestos claims began to flood into the court system. In 2002, the Arta Group filed for Chapter 11 bankruptcy. Once Arta was out of the equation, Muralo became a target for asbestos lawsuits concerning Synkoloid products. After approximately 50,000 suits were filed, Muralo was also forced in bankruptcy. Arta spent five years reorganizing under Chapter 11 protection, but this ended in 2007. Arta became a viable company again, but it still had to deal with previous liabilities. To do so, the company established the Arta Asbestos Trust. The trust was set up not only to deal with past claims, but with new claims against Synkoloid products, also. While Arta was forced out of business due to its bankruptcy, Muralo fared better and continues to operate through its bankruptcy. Muralo continues to own and manufacture Synkoloid products to this day. Because of the Arta Asbestos Trust, Muralo remains protected from further asbestos-related claims concerning Synkoloid.