3M announced that it had reached anagreement to settle lawsuits that claimed that toxic “forever chemicals” hadcontaminated water supplies in the United States.
The company — which produces Post-It notes,Scotch Tape, and n95 masks, among other industrial products — said it would payup to $10.3 billion over 13 years to fund public water suppliers in the US thathave detected these chemicals in drinking water.
Polyfluoroalkyl and perfluoroalkylsubstances (PFAS), known as “forever chemicals,” have been found in hundreds ofhousehold items, including makeup and carpeting, and are used to make coatingsthat repel water, grease, and oil.
The settlement comes after 3M facedthousands of lawsuits for the last two decades over its manufacturing ofproducts containing PFAS. These lawsuits allege that 3M knew PFAS causedcancer, developmental defects and other health problems, and that the chemicalscontaminated US drinking water systems.
Last year, 3M said it would stop producingthe controversial chemicals by the end of 2025.
3M’s proposed settlement comes just weeksafter three other companies, Chemours, DuPont, and Corteva, announced theywould pay more than $1 billion to settle lawsuits over “forever chemicals.”
Earlier this year, the US EnvironmentalProtection Agency proposed national drinking water standards for PFASchemicals, based on evidence that they have been found to linger in theenvironment and in the human body.
3M said its multi-billion dollar settlementis not an admission of liability. If the settlement agreement is not approvedby a court, the company said it would be prepared to continue defending itselfagainst litigation.
“This is an important step forward for 3M,which builds on our actions that include our announced exit of PFOA and PFOSmanufacturing more than 20 years ago, our more recent investments instate-of-the-art water filtration technology in our chemical manufacturingoperations, and our announcement that we will exit all PFAS manufacturing bythe end of 2025,” said 3M chairman and CEO Mike Roman, in a statement.
3M’s stock rose by more than 5% inafter-hours trading after the company announced the settlement.