Chemours has agreed to a sweeping federal and state settlement that will cost the company more than $450 million in penalties, pollution controls, and community water programs over allegations of PFAS contamination at facilities in West Virginia, North Carolina, and New Jersey. The agreement, announced by the U.S. Department of Justice, Environmental Protection Agency, and West Virginia Department of Environmental Protection, is described as the first comprehensive federal settlement with a major PFAS manufacturer. Under the proposed consent decree, Chemours will pay a $22.5 million civil penalty and undertake a $90 million multi-year program to reduce PFAS discharges, while also installing pollution-control technologies at its Washington Works facility in West Virginia and providing drinking water treatment and alternative supplies to nearby communities. The Department of Justice estimates the combined cost of the penalty and required environmental projects will exceed $450 million. Shares of Chemours rose 4% on Wednesday morning following the announcement.
Chemours CoSettlement removes legal uncertainty, shares rose 4% on announcement.