(AOF) – DuPont de Nemours is expected to rise sharply in pre-market on Wall Street after the group announced, with two other chemical manufacturers Chemours and Corteva, that they would create a fund of 1.19 billion euros. dollars to end PFAS-related drinking water litigation in the United States. The three companies are the targets of several lawsuits in the United States over their alleged role in polluting drinking water with perfluoroalkyl and polyfluoroalkyl substances (PFAS), also known as “eternal pollutants”.
The tentative agreement is supposed to “comprehensively resolve all claims related to the presence of PFAS in drinking water” from certain public water systems in the United States.
The three companies will create and contribute a total of $1.185 billion to a settlement fund with Chemours contributing 50% (approximately $592 million), and DuPont (approximately $400 million) and Corteva (approximately $193 million). dollars) collectively contributing the remaining 50%. Following the finalization of a definitive agreement, expected in the second quarter of 2023, the settlement will be subject to the approval of the United States District Court for the District of South Carolina.
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Nothing is going well for German chemistry
German chemicals, very dependent on Russian gas, are in difficulty. Following sluggish sales in the automotive sector and falling demand in construction, production is down 8.5% in 2022, with overall sales down 1.6% to 63.1 Billions of Euro’s. Specialty chemicals are doing better. On the other hand, the production capacity utilization rate in basic chemicals has slowed markedly to less than 80%. Germany’s third industrial sector is tempted by relocation to the United States, where energy costs are much lower. With the Inflation Reduction Act, the United States has put in place an appropriate environment for the current challenges.