PFAS producers reach settlement with the state of New Jersey
Chemical group Chemours, maker of a wide range of products, including the Teflon range of repellency coatings for textiles, has reported revenues of just under $3 billion for the first six months of the year. This represents an increase of 2.3% compared to the same months last year.
Chemours said it expects full-year revenues of between $5.9 billion and $6 billion.
It reported a net loss of $384 million for the six-month period, compared to net earnings of $113 million for the first half of 2024. It said this loss was “primarily driven by litigation-related charges”.
This is a reference to a settlement with the State of New Jersey to resolve environmental claims, including claims related to per- and polyfluoroalkyl substances (PFAS).
The Wall Street Journal has reported that this agreement with New Jersey also involved DuPont and Corteva. Chemours and Corteva are companies that spun off from DuPont, in 2015 and 2019 respectively.
Together, the companies will pay $875 million over a 25-year period, with Chemours responsibly for paying around 50% of this, the WSJ said.
