On April 12, Reuters reported that Johnson Controls announced a $750 million settlement agreement between its subsidiary, Tyco Fire Products, and several U.S. public water organizations. These organizations had found “forever chemicals” in their water, which they claimed came from products made by Tyco.
Key Points:
- Settlement Agreement: Johnson Controls’ subsidiary, Tyco Fire Products, agreed to pay $750 million to settle claims with U.S. public water organizations.
- No Admission of Guilt: Tyco Fire Products did not admit to any wrongdoing or liability as part of this settlement.
- Financial Impact: The settlement amount was accounted for in the company’s financial records for the quarter ending March 31.
- Background on “Forever Chemicals”: These chemicals, also known as PFAS, do not break down easily and can persist in the environment and human body. Lawsuits related to PFAS led to over $11 billion in settlements in 2023.
- Other Settlements: Earlier, 3M agreed to a $10.3 billion settlement for similar claims involving PFAS contamination.
- New Regulations: The U.S. Environmental Protection Agency recently established federal limits on PFAS in drinking water.
- Payment Schedule: Tyco Fire Products will pay $250 million by May and the remaining $500 million six months after the court’s preliminary approval.
- Court Approval: The preliminary approval from the United States District Court for the District of South Carolina is expected around mid-May.
About Johnson Controls Inc.
Johnson Controls: Pioneering Smart and Sustainable Spaces
- Global Leader in Intelligent Building Solutions: Johnson Controls stands at the forefront of designing safe, comfortable, and eco-friendly spaces. With a legacy spanning over a century, the company is revolutionizing buildings with cutting-edge digital technologies and services.
- Innovation Through Artificial Intelligence: The company harnesses the power of AI and data analytics to offer deeper insights into building health, sustainability, and efficiency, reshaping the approach to indoor environment design, operation, and maintenance.
- OpenBlue: A Blueprint for the Future: Johnson Controls propels industries like healthcare, education, and manufacturing into the future with OpenBlue, an extensive array of connected solutions that redefine building technology.
- Commitment to Sustainability and Efficiency: With a workforce exceeding 100,000 employees worldwide, Johnson Controls is dedicated to assisting clients in achieving their environmental goals and enhancing their operational missions.
- Digital Transformation for Optimal Environments: The company’s journey of digital innovation, rooted in its DNA, aims to transform places where people live, work, and play into intelligent, health-centric, and sustainable environments.
- Creating Responsive and Intuitive Spaces: By integrating smart solutions and machine learning, Johnson Controls is turning buildings into dynamic spaces that adapt to the flow of people and data, ensuring optimal health, comfort, and innovation.
- Championing Net Zero and Green Initiatives: As buildings contribute significantly to global emissions, Johnson Controls offers expertise in sustainable solutions to help reduce energy use and achieve net zero targets.
- Core Values and Purpose-Driven Approach: Integrity, customer focus, innovation, and teamwork are the cornerstones of Johnson Controls’ ethos, driving the company to create a smarter, healthier, and more sustainable future.
- The Open Globe Symbolism: The Open Globe symbolizes the company’s passion and global expertise in fostering smart, healthy, and sustainable tomorrows.
- Leadership and Visionary Direction: Effective and inspirational leadership at Johnson Controls steers the creation of quality products and solutions that exceed customer expectations.
- Historical Roots and Ethical Standards: Founded by Warren Johnson in 1885, the company has always prioritized energy conservation and ethical business practices, contributing to its longstanding reputation and success.
This encapsulation highlights Johnson Controls’ role as a transformative force in the smart building industry, emphasizing its commitment to innovation, sustainability, and creating environments where people can excel.
Summary
