3M Co.
MMM,
said Tuesday it will take mostly non-cash charges of $1.3 billion to $2.3 billion to exit its business manufacturing fluoropolymers, fluorinated fluids, and PFAS-based additive products by the end of 2025. According to the Centers for Disease Control and Prevention, many PFAS pose a concern because they do not break down in the environment, can move through soils and contaminate drinking water sources; also they build up (bioaccumulate) in fish and wildlife. “3M will continue to remediate PFAS and address litigation by defending ourselves in court or through negotiated resolutions, all as appropriate,” 3M said. The charges above include an expected fourth-quarter charge of $700 million to $1 billion. 3M said the PFAS business generated about $1.3 billion in annual sales. Shares of 3M are down 0.1% in premarket trades.
