Celotex was a very successful asbestos manufacturing company. Celotex is a division of the Phillip Carey Manufacturing Company. They created industrial thermal insulation for pipes and boilers, mainly in the Northeastern and Midwestern parts of the United States. The company mined the raw asbestos in Canada under one of its subsidiaries, and then the asbestos was shipped to the states for production. In 1967, Rapid American took over the company's assets in a restructuring, eventually making them liable for the Celotex asbestos lawsuits that resulted. In 1972, the company became known simply as Celotex. The majority of the products made by Celotex that contained asbestos were insulation products made from 1906-1973. The majority of these products were used in industrial construction. In October of 1990, Celotex filed for bankruptcy. As a result of the bankruptcy, a trust was created to help pay off the personal injury claims brought against Celotex for asbestos exposure.