CTVA - Why Chemours Stock Is Up Big Today
2023-06-02 13:18:37 ET
Three chemicals companies with a shared corporate history have reached a major settlement in a long-running water contamination case. Investors are pleased, sending shares of Chemours (NYSE: CC) up 24%, shares of DuPont (NYSE: DD) up 8%, and shares of Corteva (NYSE: CTVA) up 4% in Friday trading.
Chemours, a chemicals company, and Corteva, which makes fertilizers and other agricultural supplies, both have ties to the old DuPont chemical giant . Chemours was spun out of DuPont in 2015. DuPont then merged with Dow Chemical to form DowDuPont in 2017 before splitting into a number of businesses, including the present-day DuPont and Corteva, a few years later.
The companies are separate entities today, but they have a common legacy, and potentially legacy liabilities. A number of U.S. municipalities have long-running complaints about contaminated drinking water due to so-called "forever chemicals" that leaked into the ground when firefighting foam was deployed.
For further details see:
Why Chemours Stock Is Up Big Today