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7/6, 2:34 PM (Source: TeleTrader)
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3M to pay €571 million to Belgium in pollution case

3M Belgium announced on Wednesday that it reached an agreement with the regional Flemish government for a payment of €571 million to settle a pollution dispute. Last October, the company was ordered to stop the production of perfluorooctanesulfonic acid (PFOS) after high levels of toxic substances were discovered in the soil and water around its factory in the Antwerp province.

In addition to previous promises to upgrade its PFAS treatment technology and support local farmers, 3M will also commit over €450 million for additional projects, as well as work to "transparently share information with the public about its operations and how the company is fully upholding its responsibilities under the agreement." It expects to record a change to its second-quarter earnings report related to these actions.

Baha Breaking News (BBN) / DJ