Solvay Reaches Settlement with New Jersey Department of Environmental Protection on Pfas Remediation
28 Juin 2023 - 5:40PM
Solvay Reaches Settlement with New Jersey Department of
Environmental Protection on Pfas Remediation
Solvay Reaches Settlement with New Jersey Department of
Environmental Protection on Pfas Remediation
Brussels, Belgium – June 28, 2023 (5.40pm
CEST) – Today, Solvay Specialty Polymers USA, LLC, a subsidiary of
Solvay S.A. (Solvay) and the New Jersey Department of Environmental
Protection (NJDEP) announced an agreement resolving certain PFAS
related claims in New Jersey.
Under the terms of the agreement, Solvay will
pay $75 million to NJDEP for Natural Resource Damages (NRDs) and
$100 million to fund NJDEP PFAS remediation projects in areas of
New Jersey near the company’s West Deptford site. The settlement
includes commitments for Solvay to complete remediation activities
that the company began in 2013, including testing water and soil
near the West Deptford site. Solvay has agreed to establish a
remedial funding source in the amount of $214 million to fund those
activities. The agreement, structured as a Judicial Consent Order,
will be presented to the US Court for review and approval later
this year, following a public comment period. This agreement is not
an admission of liability.
"Solvay appreciates the collaborative approach
taken by NJDEP to reach this agreement, allowing all parties to
continue focusing on protecting the environment,” said Ilham Kadri,
Solvay CEO. “Consistent with our focus to innovate more sustainable
solutions, we transitioned our West Deptford, NJ facility to use
non-fluorosurfactants technologies as of July 2021.”
Since 2013, Solvay has been conducting
remediation efforts in New Jersey. This includes installing a
drinking water treatment system on a municipal well, constructing
and operating an offsite pump-and-treat system for impacted
groundwater, and enhancing existing onsite treatment systems for
impacted groundwater.
As a result of this settlement, Solvay will
increase its current provision1 by around $250 million at the end
of Q2 2023, with $175 million cash out in 2024 and the balance over
a 30 year period. This provision represents the estimated expense
and does not reflect expected recoveries from third party
contributors nor does it reflect potential insurance proceeds, the
combination of which could significantly reduce the resultant
costs. Solvay confirms that the above amounts were included in
estimates of anticipated one-time value creation and de-risking
costs, which remain unchanged.
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1 In Q3 2022, Solvay recorded €93 million
of environmental provisions reflecting the estimated cost of
certain remediation activities in West Deptford, NJ over the next
20 years.
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