Nov 3 (Reuters) – Industrial conglomerate 3M said on Tuesday it had entered into a broad resolution to settle PFAS “forever chemicals” -related personal injury claims, and warned of a pre-tax hit of $5.8 billion in the fourth quarter.
Here are some more details:
• Under the agreement, 3M would make a pre-tax $7.35 billion nominal commitment over nine years, with a present value of $5.8 billion
• 3M said the resolution addressed about 99% of current personal injury claims inside and outside the Aqueous Film-Forming Foam Multi-District Litigation (AFFF MDL), involving about 115,000 to 120,000 plaintiffs eligible to participate, including all personal injury claims that had been the focus of the litigation
• The payment structure includes a $50 million payment in 2026 and no payments in 2027, with about 20% of payments due in the final two years
• 3M said it announced in 2022 that it would discontinue the manufacture of all PFAS globally by the end of 2025 and had successfully met that goal
• “This settlement is a significant milestone for 3M and substantially reduces litigation uncertainty,” CEO William Brown said in a statement on Tuesday
• 3M said the charge does not change its previously issued 2026 forecast
• The company said the agreement was not an admission of liability and would be prepared to continue to defend itself if the agreed settlement terms are not fulfilled
(Reporting by Anshuman Tripathy in Bengaluru; Editing by Rashmi Aich)
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