The world's largest beverage maker said it has no past, present or future responsibility to pay for expenses incurred by Milwaukee-based Aqua-Chem Inc.
Coke filed the complaint against Aqua-Chem in Fulton County Superior Court.
Atlanta-based Coke bought Aqua-Chem in 1970 because it was interested in the company's water filtration technologies. Coke sold Aqua-Chem in 1981 to focus on its core business.
A division of Aqua-Chem made a boiler that contained gaskets purchased from outside suppliers, Coke said. Several years after Coke sold the company, Aqua-Chem was sued because there was asbestos in some of the gaskets.
Aqua-Chem has demanded that Coke reimburse it for about $10 million for legal costs incurred over the last 18 years and acknowledge liability for certain future expenses.
``Aqua-Chem's asbestos claimants are and should continue to be covered by existing insurance,'' Coke said in a statement. ``Further, regardless of the outcome of this litigation, the Coca-Cola Co. believes that any uninsured financial liability is not material to the financial position of the company.''
An Aqua-Chem spokeswoman did not immediately return a call seeking comment.
Shares of Coke were down 16 cents, at $43.96, in trading Friday morning on the New York Stock Exchange.
http://accesswdun.com/article/2002/12/186416