- The Chemours Company (NYSE:CC) united with DuPont de Nemours, Inc (NYSE:DD) and Corteva, Inc (NYSE:CTVA) to attain a comprehensive PFAS settlement with U.S. water systems.
- The agreement involves a settlement fund to resolve all PFAS-related drinking water claims of a defined class of public water systems that serve most of the U.S. population.
- The class includes water systems with a current detection of PFAS at any level and those currently required to monitor for PFAS presence under EPA monitoring rules or other applicable laws.
- The companies will collectively establish and contribute $1.185 billion, with Chemours contributing 50% (approximately $592 million) and DuPont (about $400 million) and Corteva (around $193 million) collectively contributing the remaining 50%.
- The companies will fully fund the settlement amounts and deposit them into the water district settlement fund within ten business days after post court’s preliminary approval.
- The contract is expected to be finalised in Q2 2023 and then subject to approval by the U.S. District Court for the District of South Carolina.
- Yesterday, CC announced the sale of the Glycolic Acid business to PureTech Scientific Inc. for $137 million.
- Price Action: CC shares are trading higher by 18.9% at $32.24 on the last check on Friday.
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