3M will discontinue manufacturing all fluoropolymers, fluorinated fluids, and PFAS-based additive products. 3M intends to fulfil current contractual obligations during the transition period. It has reduced the use of PFAS over the past three years through ongoing research and development, and will continue to innovate new solutions for customers, the company said in a press release.
With these two actions, 3M is committing to innovate toward a world less dependent upon PFAS. 3M's products are safe for their intended uses. 3M will continue to remediate PFAS and address litigation by defending ourselves in court or through negotiated resolutions, all as appropriate.
The company expects to take an estimated fourth quarter 2022 pre-tax charge in a range of $0.7 billion to $1.0 billion, primarily non-cash and related to asset impairments. 3M intends to reflect the fourth quarter 2022 costs as an adjustment in arriving at results, adjusted for special items. Beginning in 2023, 3M also expects to adjust for the results of manufactured PFAS in arriving at results, adjusted for special items.
“This is a moment that demands the kind of innovation 3M is known for. While PFAS can be safely made and used, we also see an opportunity to lead in a rapidly evolving external regulatory and business landscape to make the greatest impact for those we serve. This action is another example of how we are positioning 3M for continued sustainable growth by optimising our portfolio, innovating for our customers, and delivering long-term value for our shareholders,” 3M chairman and chief executive officer, Mike Roman said.
Fibre2Fashion News Desk (GK)