3M Co (NYSE:MMM) reached a lawsuit settlement deal of $10.3 billion, payable over 13 years, with several U.S.-based public water suppliers (PWS) related to PFAS remediation.
The agreement resolves current and future drinking water claims by PWS related to PFOA, PFOS, and all other PFAS, including a portion of the Aqueous Film Forming Foam (AFFF) multi-district litigation based in Charleston, South Carolina.
The agreement terms include funding for testing PFAS and detection of the same in the future in the U.S.
The company expects to record a pre-tax charge of around $10.3 billion in Q2 2023 as an adjustment in arriving at results (adjusted for special items).
“This is an important step forward for 3M, which builds on our actions that include our announced exit of PFOA and PFOS manufacturing more than 20 years ago, our more recent investments in state-of-the-art water filtration technology in our chemical manufacturing operations, and our announcement that we will exit all PFAS manufacturing by the end of 2025,” said Mike Roman, chairman, and CEO.
Last month, 3M stated its plan to invest $146 million to expand its capabilities to support biotech manufacturing.
Price Action: MMM shares are trading higher by 3.45% at $103.89 premarket on the last check Friday.
