Chemours, DuPont and Corteva have reached an agreement in principle to resolve all per- and polyfluoroalkyl substance (PFAS)-related drinking water claims of a defined class of public water systems that serve “the vast majority of the US population”. They will pay about $592 million, $400 million and $193 million respectively into a settlement fund by 12 June.
A private equity consortium made up of BroadPeak Global, Asia Green Fund and Saudi Arabian Industrial Investments Company (Dussur) has acquired DuPont’s Clean Technologies business and relaunched it under the name Elessent Clean Technologies. Eli Ben-Shoshan has been named as the new firm’s CEO.
DuPont and the companies that used to be part of it, Chemours and Corteva, have reached a settlement with the Delaware Department of Justice. Under this, they are held responsible for decades of damage done to Delaware’s environment by per- and polyfluoroalkyl substances (PFASs).
The agreement has avoided a potential lawsuit for historic contamination by PFASs in Delaware, which remains DuPont’s headquarters. This had impacted waterways and groundwater located in each of the state’s three counties.
DuPont has entered into a definitive agreement to acquire Laird Performance Materials from private equity giant Advent International. This is expected to close in Q3, subject to regulatory approvals and other customary closing conditions. The $2.3 billion cost (about 15x estimated 2021 EBITDA) will be paid from existing cash.
DuPont, its spin-off company Chemours, and Corteva, which unites DuPont’s and Dow’s former agrochemicals businesses, have agreed a settlement on all legal disputes concerning per- and polyfluoroalkyl substances (PFAS) arising out of the spin-off of Chemours in 2015.
DuPont’s board of directors has approved the separation of DuPont’s Nutrition & Biosciences (N&B) business through an exchange offer whereby stockholders can elect to tender DuPont shares for those of N&B on terms to be announced. This process is expected to be completed by 1 February.
As intimated in May, DuPont has sold a business making trichlorosilane (TCS), the primary raw material used in producing the ultra-pure polysilicon. This is based at Midland, Michigan, and was part of Dow before their merger. DuPont viewed it as no longer viewed as core. The price is said to be about $725 million.