Chemours gains after decision to resolve environmental claims with New Jersey

Shares of chemical company Chemours CC.N up 4.4% at $12 premarket

Company, along with DuPont DD.N and Corteva CTVA.N, says they have reached an agreement with the state of New Jersey in various litigation matters, including PFAS chemicals and other state directives

Under the settlement, the companies will pay a total of $875 million over a 25-year period

The pre-tax total present value of the settlement payments is about $500 million, of which 50% will be paid by Chemours, 35.5% by DuPont and the rest by Corteva

Perfluoroalkyl and polyfluoroalkyl substances (PFAS) are used in manufacturing a wide range of products, including nonstick coatings such as Teflon and firefighting foams

PFAS have been linked to cancer, hormonal dysfunction, weakening of the immune system and environmental damage

As of last close, CC shares down 32% YTD