Johnson Controls’ Tyco Agreed to Resolve PFAS Claims for $750m

Johnson Controls International says its subsidiary Tyco Fire Products agreed to a settlement with a nationwide class of public water systems that detected PFAS in their drinking water systems that they allege to be associated with the use of AFFF products manufactured and sold by Tyco.

• Tyco agreed to contribute $750 million to resolve these PFAS claims
• Johnson Controls recorded a charge for $750m in 1Q
• Settlement doesn’t resolve claims of public water systems that request exclusion from the class; It also doesn’t resolve potential future claims of public water systems that detect PFAS for the first time after May ...