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Chemical makers to set aside $1.19 billion to settle PFAS-related claims in US
© Reuters. FILE PHOTO: The logo for DuPont de Nemours, Inc. is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. REUTERS/Andrew Kelly
(Reuters) – Chemical makers Chemours Co, DuPont de Nemours (NYSE:) Inc and Corteva (NYSE:) Inc said on Friday they would set up a $1.19 billion fund to settle PFAS-related drinking water claims in the United States.
The companies are facing several lawsuits in the U.S. over their alleged role in polluting drinking water with perfluoroalkyl and polyfluoroalkyl substances (PFAS), also known as “forever chemicals”.
Chemours said it would contribute half the agreed amount while the remaining would be provided by DuPont and Corteva after the companies reached an in-principle agreement.
Chemours will take a pre-tax charge in the current quarter of $592 million related to the fund.
“Forever chemicals”, which have been used for decades in manufacturing nonstick coatings such as Teflon, have also been linked to cancer, hormonal dysfunction, weakening the immune system as well as environmental damage.
The companies expect to finalize a formal agreement by the second quarter of 2023.
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