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By Will Feuer
Shares of Chemours, Dupont De Nemours and Corteva all rose after saying they have agreed to pay $1.185 billion to settle allegations that the companies had produced so-called forever chemicals that affected public water systems.
Shares of Chemours, which agreed to pay about $592 million as part of the settlement, rose more than 19% to $32.38 in morning trading. Shares of Dupont and Corteva were up 6% and 2.4%, respectively.
The companies said the agreement resolves all PFAS-related drinking water claims of a defined class of public water systems that serve most Americans.
DuPont will contribute about $400 million toward the settlement and Corteva will add about $193 million. Chemours said it will book the contribution as a pretax charge in the second quarter.
The companies said they expect to finalize an agreement soon. The settlement will be subject to approval by the U.S. District Court for the District of South Carolina.
The companies said water systems owned and operated by a state or the federal government are excluded from the settlement class. Small systems that haven’t detected PFAS as well as water systems in the lower Cape Fear River Basin of North Carolina also are excluded.
Separately, Chemours on Thursday said it has agreed to sell its glycolic-acid business for $137 million in cash to PureTech Scientific.
Write to Will Feuer at [email protected]
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