3M Co (NYSE:MMM) announced its intention Monday to speed up the removal of PFAS “forever chemicals” from its Zwijndrecht facility in Belgium.
Use of PFAS at the facility has been idled, the company said. Non-PFAS manufacturing is ongoing, but the idling could have a "significant adverse impact" on 3M Belgium's operations, as well as its other businesses that depend on the facility.
PFAS (per- and polyfluoroalkyl substances) are used in non-stick cookware, firefighting foam and other materials. They take an extremely long time to break down and have been linked to cancer as well as hormonal dysfunction.
In fact, 3M received preliminary approval in August for a $10.3 billion deal to resolve claims by US public water providers over pollution by PFAS.
The company has said it plans to cease all PFAS manufacturing by the end of 2025.
Shares of 3M fell nearly 2.5% Monday afternoon to $94.68.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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