Johns Manville company had dramatic history from leading asbestos manufacturer to bankruptcy and rebirth under Berkshire Hathaway ownership. Founded in 1858 as H.W. Johns Manufacturing Company in New York by Henry Ward Johns, it merged with Manville Covering Company in 1901 to become H.W. Johns-Manville, growing into largest asbestos producer in US in 20th century, making asbestos insulation, roofing, cement, and brake linings used widely in construction and industry, becoming Fortune 500 company with over 30,000 employees at peak in 1970s. However, health risks of asbestos causing asbestosis, lung cancer, and mesothelioma became known, leading to thousands of lawsuits from workers and consumers who were exposed to asbestos made by Johns Manville. Facing massive liability, Johns Manville filed for Chapter 11 bankruptcy in 1982, one of largest bankruptcies in US history at time, creating Manville Personal Injury Settlement Trust with 2.5 billion dollars to compensate victims. Company reorganized in 1988, exiting asbestos business and focusing on fiberglass insulation and roofing, moving headquarters to Denver, Colorado. In 2001, Warren Buffett's Berkshire Hathaway acquired Johns Manville for 1.8 billion dollars, making it wholly owned subsidiary, providing financial stability and growth. Since then, Johns Manville has grown as building products leader with 40 plus plants, 7,000 employees, and revenue around 3.5 billion, known for insulation and commercial roofing, leaving asbestos past behind.
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