Johnson Controls International plc
Tyco Settles PFAS Claims for $750M
Summary
Johnson Controls International plc announced that its subsidiary, Tyco Fire Products LP, has entered into a settlement agreement with a nationwide class of public water systems regarding PFAS claims. The settlement involves a $750 million contribution to resolve these claims. Additionally, the company discontinued its receivables factoring programs and expects to fund its requirements from operations and other borrowings. A Settlement Agreement for Water Systems is attached as Exhibit 10.1.
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About Johnson Controls International plc
Johnson Controls International plc is a leading diversified technology and multi-industrial company that provides a wide range of products and services across various industries. Its primary function is to optimize building efficiencies, enhance comfort, and ensure safety. The company is widely recognized for its Building Technologies and Solutions division, which offers integrated platforms for HVAC (heating, ventilation, air conditioning), building automation, and security systems. Additionally, Johnson Controls plays a pivotal role in the energy sector through its power solutions, particularly with a focus on developing state-of-the-art battery technologies for automotive and renewable energy applications. As a global leader headquartered in Cork, Ireland, Johnson Controls serves various sectors including residential, commercial, and industrial markets. Its commitment to sustainability and innovation positions it as a significant player in advancing smart building and energy solutions on a global scale.
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