Chemours, DuPont, And Corteva Settle With US Water Systems For $1.185 Billion

(RTTNews) - The companies, Chemours Company (CC), DuPont de Nemours, Inc. (DD) and Corteva, Inc. (CTVA), announced Friday that they have reached an agreement to resolve all PFAS-related drinking water claims of public water systems that serve the majority of the US population.

The companies will establish a water district settlement fund involving a contribution of $1.185 billion. Chemours will contribute 50 percent, about $592 million; and DuPont about $400 million; and Corteva about $193 million bringing their contribution to 50 percent.

The contribution rates are consistent with the memorandum of understanding reached by the companies in 2021. The companies will fund the settlement amounts in full and deposit it into the water district settlement fund within ten business days after the preliminary approval by the court.

The settlement will be subject to approval by the United States District Court for the District of South Carolina.

Thursday, shares of Chemours closed at $27.11 up 2.34% or $0.62 on the New York Stock exchange. In premarket activity, shares of DuPont are trading at $69.50 up 3.05% or $2.06 on the New York Stock Exchange and shares of Corteva are trading at $54.00 up 0.26% or $0.14.