A chemical is now costing the industrial group dearly.
(Photo: AP)
Saint Paul In the legal dispute over polluted drinking water, the conglomerate 3M has agreed with the authorities on a payment of up to 12.5 billion US dollars (11.4 billion euros). The sum will flow over a period of 13 years, the company announced late Thursday evening in Saint Paul. This settles all pending and future lawsuits from water utilities in the United States. The share, which had fallen sharply in the past few months, rose significantly in the after-hours trading.
Specifically, it was about certain so-called polyfluorinated alkyl substances (PFAS) produced by 3M, which are water, grease and dirt-repellent, among other things, and are also referred to as chemicals for eternity. They are used in various products such as cosmetics, textiles and cookware. However, the legal disputes in the USA revolved exclusively around the use of the substances in fire-fighting foam for extinguishing work on military premises and airfields. 3M produced the chemicals for decades, and these ended up in the drinking water in many places in the USA through the use of the foams.
According to the agreement, 3M must pay at least $10.5 billion. According to a plaintiff attorney, whether it will be up to 12.5 billion dollars depends on the amount of PFAS that is specifically detected in drinking water that has not yet been tested. 3M announced that it would post a pre-tax charge of around $10.3 billion in the current second quarter.
More: BASF threatens billions in lawsuit in the USA