(a) Findings.--The General Assembly finds that:
(1) Asbestos-related claims threaten the continued viability of successor business entities which are formed or organized under the laws of this Commonwealth or another jurisdiction that have never manufactured, sold or distributed asbestos or asbestos-containing products.
(2) It is in the best interest of this Commonwealth to ensure the economic viability of the entities under paragraph (1).
(3) The viability of the domestic and foreign business entities under paragraph (1) is threatened due solely to their status as successor business entities by merger or consolidation based on actions taken prior to the 1972 adoption of asbestos regulations by the Occupational Safety and Health Administration.
(4) The cumulative recovery by all asbestos claimants from innocent successor business entities should be limited.
(b) Intent.--It is the intent of the General Assembly to expand the protections granted in 15 Pa.C.S. § 1929.1 (relating to limitations on asbestos-related liabilities relating to certain mergers or consolidations) to successor business entities which are formed or organized under the laws of this Commonwealth or another jurisdiction.