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3M Company (NYSE:MMM) stated that its settlement agreement with the U.S. public water suppliers (PWS) received final approval from the U.S. District Court in Charleston, South Carolina.
The agreement supports PWS that detects PFAS at any level and will benefit U.S.-based PWS that provide drinking water nationwide.
Mike Roman, chairman and CEO said, “This is yet another important step forward for 3M as we continue to deliver on our priorities. The final approval of this settlement and continued progress toward exiting all PFAS manufacturing by the end of 2025 will further our efforts to reduce risk and uncertainty as we move forward,”
Related: PFAS’s Forever Problem: Ohio Lawsuit Against Chemical Companies Fizzles Out
As earlier stated, 3M recorded an accrual of $10.3 billion for this matter, reflecting the pre-tax present value of the expected payments over 13 years under the agreement.
The company expects to begin payments in the third quarter of 2024, given there are no pending appeals of the final approval order.
Apart from this, the company completed the spin-off of Solventum, which will begin trading on the New York Stock Exchange (NYSE) under the ticker symbol “SOLV.”
Holders of 3M common stock received one share of Solventum common stock for every four shares of 3M common stock held at the close of business on March 18, 2024, the record date for the distribution.
3M retained 19.9% of the outstanding shares of Solventum common stock, which will be monetized within five years following the spin-off.
Related: New CEO, Bottoming Cycle, And Spin-Off Fuel Optimism For 3M, Analyst Upgrades Stock
Investors can gain exposure to the stock via Invesco Dow Jones Industrial Average Dividend ETF (NYSE:DJD) and FT Vest DJIA Dogs 10 Target Income ETF (BATS:DOGG).
Price Action: MMM shares are down 13.6% at $91.55 premarket on the last check Monday.
Photo via Wikimedia Commons
