DuPont , its former daughter company Chemours , and Corteva , which unites DuPont ’ s and Dow ’ s former agrochemicals businesses , have reached a settlement on all legal disputes concerning per- and polyfluoroalkyl substances ( PFASs ) arising out of the spin-off of Chemours in 2015 . Under this , DuPont ( with Corteva ) and Chemours will split certain qualified expenses incurred equally for up to 20 years and up to $ 4 billion . DuPont ’ s liability will be limited to $ 2 billion . In addition , they will establish a $ 1 billion maximum escrow account for potential future PFAS liabilities over eight years , again on a 50-50 basis . “ The agreement will provide a measure of security and certainty for each company and our respective shareholders using a transparent process to address and resolve any potential future legacy PFAS matters ,” the three companies ’ CEOs said in a joint statement . This replaces an agreement on perfluorooctanoic acid ( PFOA ) made between DuPont and Chemours in 2017 and a subsequent amendment to the Chemours separation agreement . The three have also agreed to resolve ongoing PFOA litigation in Ohio , bar one case against DuPont that is currently pending appeal . The $ 83 million cost will be split $ 27 million each to DuPont and Corteva and $ 29 million to Chemours . Based on a $ 670 million settlement between DuPont and Chemours in West Virginia in 2017 , one financial analyst has estimated total PFAS legal liability for all three firms at $ 5.2 billion in litigation and $ 1.3 billion in cleanup costs . PFASs , including PFOA , are used in multiple applications , including non-stick and waterproof coatings , lubricants and foams for tackling fires . Over many decades , they have been discharged into multiple waterways in the US , which has no federal limits and few state limits . They have been linked to health problems like cancers of many types , organ failures and hormone disruptions , all leading to multi-billion dollar lawsuits . The spin-off of Chemours , which includes DuPont ’ s former fluorochemicals business , addressed legacy liabilities but the firms interpreted the terms differently . In 2019 , Chemours sued , claiming that DuPont ’ s estimates for the liability it would incur were “ spectacularly wrong ” and that DuPont unfairly dominated the separation proceedings . This lawsuit was dismissed in 2020 , a judge finding the separation agreement valid and ordering the firms to go to arbitration . The deal was agreed shortly before arbitration could take place . It does not remove Chemours ’ obligations to indemnify DuPont under the separation agreement , which was the initial cause of the disagreement . Subsequently , DuPont announced the preliminary results of its exchange offer that will see its former nutrition and biosciences business merge with IFF . The company will accept the offer , subject to certain conditions and the final exchange ratio is 0.718 of a share in N & B for one in DuPont . During the period of the offer , which ended on 29 January , nearly 370 million DuPont shares were tendered . DuPont has also agreed to sell its Clean Technologies business for $ 510 million to a private equity consortium of BroadPeak Global , Asia Green Fund and the Saudi Arabian Industrial Investments Company . This is expected to close in Q2 , subject to customary closing conditions and regulatory approvals . DuPont Clean Technologies dates back to 1925 . It offers catalyst and process technologies for the regeneration of sulfuric acid , hydroprocessing technology to desulfurise motor fuels , alkylation technology for clean gasoline and air pollution control systems for refineries and chemical facilities , plus related services .
The two firms still share many locations
10 SPECIALITY CHEMICALS MAGAZINE ESTABLISHED 1981