WILMINGTON, Del., Feb. 13, 2017 /PRNewswire/ -- The Chemours
Company (Chemours) (NYSE: CC), a global chemistry company with leading market positions in titanium technologies, fluoroproducts
and chemical solutions, today announced an agreement with DuPont to address the costs of the global settlement of the
multi-district PFOA litigation between DuPont and the plaintiffs. The agreement resolves all indemnification obligations between
Chemours and DuPont for all of the approximately 3,500 claims in the Ohio multi-district
litigation.
Under the terms of the agreement, DuPont and Chemours will each pay $335.35 million of the
$670.70 million global settlement amount. DuPont's payment will not be subject to indemnification
or reimbursement by Chemours.
The global settlement between DuPont and the plaintiffs provides an agreement to settle PFOA personal injury claims associated
with Ohio multi-district litigation. The settlement is not in any way an admission of liability
or fault by DuPont or Chemours.
To address potential future PFOA costs not covered by the global settlement, during each of the five years following the
effectiveness of the settlement, Chemours and DuPont have agreed that Chemours will annually pay the first $25 million of any potential future PFOA costs. If that amount is exceeded, DuPont will pay any additional
amount up to $25 million, annually. Additional details are included in the Form 8-K filed on
February 13, 2017.
About The Chemours Company
The Chemours Company (NYSE: CC) helps create a colorful, capable and cleaner world through the power of
chemistry. Chemours is a global leader in titanium technologies, fluoroproducts and chemical solutions, providing its
customers with solutions in a wide range of industries with market-defining products, application expertise and chemistry-based
innovations. Chemours ingredients are found in plastics and coatings, refrigeration and air conditioning, mining and oil
refining operations and general industrial manufacturing. Our flagship products include prominent brands such as Teflon™,
Ti-Pure™, Krytox™, Viton™, Opteon™, Freon™ and Nafion™. Chemours has approximately 8,000 employees across 25 manufacturing
sites serving more than 5,000 customers in North America, Latin
America, Asia-Pacific and Europe. Chemours is headquartered in Wilmington, Delaware and is listed on the NYSE under the symbol CC. For more information please visit
chemours.com.
Cautionary Statement About Forward-Looking Statements
This press release contains forward-looking statements, within the meaning of the federal securities laws, that involve
risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions
and include any statement that does not directly relate to any historical or current fact. The words "believe," "expect,"
"anticipate," "plan," "estimate," "target," "project" and similar expressions, among others, generally identify "forward-looking
statements," which speak only as of the date the statements were made. Forward-looking statements are based on certain
assumptions and expectations of future events which may not be accurate or realized. Forward-looking statements also involve
risks and uncertainties, many of which are beyond Chemours' control. Additionally, there may be other risks and uncertainties
that Chemours is unable to identify at this time or that Chemours does not currently expect to have a material impact on its
business. Factors that could cause or contribute to these differences include: whether the Settlement becomes effective; the
outcome of any pending or future litigation related to PFOA; the performance by DuPont of its obligations under the Settlement;
the terms of any final agreement between Chemours and DuPont relating to the Settlement; and other facts discussed in the
"Forward-Looking Statements" and the "Risk Factors" sections in Chemours' Annual Report on Form 10-K for the year ended
December 31, 2015. Chemours assumes no obligation to revise or update any forward-looking
statement for any reason, except as required by law.
CONTACT
MEDIA
Alvenia Scarborough
Director, Brand Marketing and Corporate Communications
+1.302.773.4507
media@chemours.com
INVESTORS
Alisha Bellezza
Treasurer and Director of Investor Relations
+1.302.773.2263
investor@chemours.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/the-chemours-company-settles-indemnification-claims-by-dupont-as-dupont-reaches-global-settlement-of-multi-district-pfoa-litigation-300406072.html
SOURCE The Chemours Company