Chemours Company (NYSE: CC), DuPont de Nemours and Corteva have reached a $455 million settlement with North Carolina and 11 local entities to resolve litigation related to PFAS contamination linked to Chemours' Fayetteville Works facility, as well as state claims involving PFAS contamination from other sources, including aqueous film forming foam.

Payments will be distributed over 15 years, beginning within 30 days of the agreement's execution. Chemours holds responsibility for 50% of settlement payments under a January 2021 memorandum of understanding with DuPont and Corteva, with the remaining 50% shared between those two companies. Chemours' share amounts to approximately $180 million on a net present value basis, which the company says is covered by existing accruals. Its expected payments over the next 12 months total approximately $50 million.

Of the total settlement amount, $18 million is attributed to alleged PFAS contamination unrelated to the Fayetteville Works site. For purposes of calculating qualified spend under the memorandum of understanding, the settlement amount will account for approximately $210 million.

The three companies also reached understandings regarding the valuation of the settlement and potential future multi-year settlements on a net present value basis. All future contributions to the memorandum of understanding escrow account are considered satisfied, including a $50 million Chemours escrow contribution that had been due in September 2026.

The settlement also addresses obligations under a 2019 Consent Order between Chemours and North Carolina, acknowledging that several provisions have been completed and establishing procedures for remaining obligations, including drinking water programs in affected communities.

The 11 local entities included in the settlement are Bladen, Brunswick, Columbus, Cumberland, New Hanover, Robeson and Sampson counties, along with the Town of Wrightsville Beach, the City of Lumberton, the Village of Bald Head Island and the Lower Cape Fear Water and Sewer Authority. The settlement remains subject to court entry of dismissals of the covered litigations.