Johnson Controls subsidiary Tyco Fire Products agrees to $750 million settlement of PFAS water system claims

Johnson Controls International plc

Tyco Fire Products agreed to contribute $750 million to resolve PFAS claims from a nationwide class of public water systems.
Settlement, recorded as a $750 million charge in the quarter ended March 31, 2024, requires $250 million by May 25, 2024 and $500 million later.
Claims are released against Tyco and Chemguard, but personal injury, property damage, and other AFFF cases are not affected.
Tyco expects insurance to cover a substantial portion of the payment, but amount and timing are uncertain.
Settlement is subject to court approval and excludes certain water systems, including those that opt out or detect PFAS after May 15, 2024.

Key facts

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Johnson Controls International plc entered into Settlement Agreement for Water Systems with a nationwide class of public water systems that detected PFAS in their drinking water systems valued at $750 million (effective 2024-04-12).

Action: entry
Agreement: settlement
Counterparty: a nationwide class of public water systems that detected PFAS in their drinking water systems
Value: $750 million
Effective: 2024-04-12

Exact text from the filing

On April 12, 2024, Tyco Fire Products LP (“Tyco”), a wholly-owned, indirect subsidiary of Johnson Controls International plc (the “Company”), 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 Aqueous Film Forming Foam (“AFFF”) products manufactured and sold by Tyco.

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Source: SEC EDGAR

accession 0000833444-24-000023

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