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3M settlement with public water suppliers to address PFAS in water receives final court approval

  • 3M settlement with public water suppliers to address PFAS in water receives final court approval
  • Agreement includes pre-tax present value commitment of up to $10.3 billion payable over 13 years.

  • Supports PFAS remediation for U.S. public water suppliers (PWS) across the country that have detected any form of PFAS at any level or may do so in the future.

About the entity

At 3M, we apply science in collaborative ways to improve lives daily as our employees connect with customers all around the world.

3M today announced that on Friday, March 29, the company's previously announced settlement agreement with U.S. public water suppliers (PWS) received final approval from the U.S. District Court in Charleston, South Carolina.

The now-finalized agreement will support PWS that detect PFAS at any level or may do so in the future and will benefit U.S.-based PWS that provide drinking water to Americans across the country. The agreement received overwhelming support and participation from U.S. PWS, and the court resolved the small number of objections that were raised in favor of the settlement.

"This is yet another important step forward for 3M as we continue to deliver on our priorities. The final approval of this settlement and continued progress toward exiting all PFAS manufacturing by the end of 2025 will further our efforts to reduce risk and uncertainty as we move forward," said 3M chairman and CEO Mike Roman.

As previously disclosed, 3M recorded an accrual of $10.3 billion for this matter, which reflects the pre-tax present value of the expected payments over 13 years under the agreement. Payments under the agreement are scheduled to begin in the third quarter of 2024, provided there are no pending appeals of the final approval order. 3M also continues to actively engage in insurance recovery activities.

The table below sets forth the expected pre-tax payments that 3M would make assuming the nominal $12.5B settlement cap is reached.

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