3M Company+0.33%
3M to stop making harmful PFAS chemicals by 2026
3M Co. stated on Tuesday that it will stop manufacturing per- and polyfluoroalkyl substances (PFAS) by the end of 2025. The company said its decision was based on a number of factors, including "accelerating regulatory trends focused on reducing or eliminating the presence of PFAS in the environment and changing stakeholder expectations."
3M said it will fulfill all its contractual obligations before the end of 2025 and will "facilitate an orderly transition for customers." The manufacturer expects to incur pre-tax charges of $1.3 billion to $2.3 billion over the transition period, including $0.7 billion to $1 billion in the fourth quarter of 2022, "primarily non-cash and related to asset impairments."
PFAS, also known as "forever chemicals," take a long time to break down and are present in water, soil and air across the world. They have been linked to harmful health effects in humans and animals.