ZURICH, Switzerland — ABB, an industrial engineering group based in Switzerland, is trying to resolve a key asbestos liability case for a U.S. subsidiary, Combustion Engineering Inc. by offering to pay plaintiffs $300 million over several years on top of the unit’s assets of some $800 million. The plaintiffs are former workers and clients who claim they became ill by inhaling asbestos particles released in the manufacturing of boilers and insulation material.

“We are working to send out a written proposal to the claimants before the end of this year,’ an ABB spokesman told Reuters. “This keeps the plan for a pre-packed Chapter 11 filing on track,’ he added.

(via Reuters)