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July 6, 2022, 7:09 a.m. EDT

3M reaches more than $580 million agreement with Flemish Government on PFAS-related actions

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By Tomi Kilgore

3M Co. /zigman2/quotes/205029460/composite MMM -0.53% said Wednesday that 3M Belgium has reached an agreement with the Flemish Government to invest more than EUR571 million ($582.4 million) to carry out PFAS-related remedial actions. Shares of the consumer, industrial and health care products company slipped 0.6% in premarket trading. As part of the agreement, 3M Belgium will pay EUR100 million to be used in the Flemish Government's discretion in connection with any PFAS (perfluoroalkyl and polyfluoroalkyl substances), also known as forever chemicals, released from the 3M Belgium's facility. The agreement also includes a EUR250 million commitment from 3M Belgium to identify priority remedial actions, which is up from EUR150 million previously agreed on in March. 3M said it expects to record a charge in the second quarter for the agreement. 3M's stock has dropped 27.3% year to date through Tuesday, while the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.24% has shed 14.8%.

$ 147.70
-0.79 -0.53%
Volume: 2.36M
Aug. 9, 2022 3:43p
P/E Ratio
Dividend Yield
Market Cap
$84.57 billion
Rev. per Employee
US : Dow Jones Global
-80.43 -0.24%
Volume: 320.97M
Aug. 9, 2022 3:44p

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