WILMINGTON (dpa-AFX) - DuPont de Nemours, Inc. (DD), Corteva, Inc. (CTVA) and The Chemours Company (CC) have reached a binding memorandum of understanding containing a settlement to resolve legal disputes originating from the 2015 spin-off of Chemours from E. I. du Pont de Nemours and Company (EID).
The companies will establish a cost sharing arrangement and an escrow account to be used to support and manage potential future legacy PFAS liabilities. According to this, DuPont and Corteva together, on one hand, and Chemours, on the other hand, agree to a 50-50 split of certain qualified expenses incurred over a term not to exceed twenty years or $4 billion of qualified spend and escrow contributions in the aggregate. DuPont and Corteva's 50 percent will be limited to $2 billion. DuPont's share of the potential $2 billion would be approximately $1.36 billion and Corteva's approximately $640 million.
The companies have agreed to resolve the matters in the Ohio multi-district PFOA litigation for $83 million. DuPont will contribute $27 million, Corteva will contribute $27 million and Chemours will contribute $29 million to the settlement.
Copyright RTT News/dpa-AFX
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