ST. PAUL, Minn., July 21, 2021 /PRNewswire/ -- Certain parties in
the Baker, et al., lawsuit, a putative class action
in Hoosick Falls, New York,
related to the presence of PFOA in drinking water, have
reached an agreement to resolve litigation among the settling
parties, including 3M. The agreement
resolves claims on behalf of the proposed classes without the need
for further lengthy and expensive litigation.
Through the agreement, 3M,
Saint-Gobain and Honeywell will collectively contribute a fixed
total amount of $65.25 million to
resolve the plaintiffs' claims on behalf of themselves and the
proposed classes. Individual contributions among the parties will
remain confidential under the agreement. 3M's contribution to the
total amount is reflected in the company's existing financial
reserves for litigation contingent liabilities as previously
disclosed in its quarterly report.
3M proactively manages PFAS
through environmental responsibility efforts, education and
research, and engaging technology to strengthen global communities.
We remain committed to working collaboratively with communities and
sharing our scientific knowledge on PFAS to achieve our common
goals.
About 3M
At 3M
(NYSE: MMM), we apply science in collaborative ways to improve
lives daily as our employees connect with customers all around the
world. Learn more about 3M's creative solutions to global
challenges at www.3M.com or on Twitter @3M or @3MNews.
Forward-Looking Statements
This news release contains
forward-looking information about 3M's financial results and
estimates and business prospects that involve substantial risks and
uncertainties. You can identify these statements by the use of
words such as "anticipate," "estimate," "expect," "aim," "project,"
"intend," "plan," "believe," "will," "should," "could," "target,"
"forecast" and other words and terms of similar meaning in
connection with any discussion of future operating or financial
performance or business plans or prospects. Among the factors that
could cause actual results to differ materially are the following:
(1) worldwide economic, political, regulatory, capital markets and
other external conditions and other factors beyond the Company's
control, including natural and other disasters or climate change
affecting the operations of the Company or its customers and
suppliers; (2) risks related to public health crises such as the
global pandemic associated with the coronavirus (COVID-19); (3)
foreign currency exchange rates and fluctuations in those rates;
(4) liabilities related to certain fluorochemicals, including
lawsuits concerning various PFAS-related products and chemistries,
and claims and governmental regulatory proceedings and inquiries
related to PFAS in a variety of jurisdictions; (5) legal
proceedings, including significant developments that could occur in
the legal and regulatory proceedings described in the Company's
Annual Report on Form 10-K for the year ended Dec. 31, 2020, and any subsequent quarterly
reports on Form 10-Q (the "Reports"); (6) competitive conditions
and customer preferences; (7) the timing and market acceptance of
new product offerings; (8) the availability and cost of purchased
components, compounds, raw materials and energy (including oil and
natural gas and their derivatives) due to shortages, increased
demand or supply interruptions (including those caused by natural
and other disasters and other events); (9) unanticipated problems
or delays with the phased implementation of a global enterprise
resource planning (ERP) system, or security breaches and other
disruptions to the Company's information technology infrastructure;
(10) the impact of acquisitions, strategic alliances, divestitures
and other unusual events resulting from portfolio management
actions and other evolving business strategies, and possible
organizational restructuring; (11) operational execution, including
scenarios where the Company generates fewer productivity
improvements than estimated; (12) financial market risks that may
affect the Company's funding obligations under defined benefit
pension and postretirement plans; (13) the Company's credit ratings
and its cost of capital; and (14) tax-related external conditions,
including changes in tax rates, laws or regulations. Changes in
such assumptions or factors could produce significantly different
results. A further description of these factors is located in the
Reports under "Cautionary Note Concerning Factors That May Affect
Future Results" and "Risk Factors" in Part I, Items 1 and 1A
(Annual Report) and in Part I, Item 2 and Part II, Item 1A
(Quarterly Reports), as updated by applicable Current Reports on
Form 8-K. The information contained in this news release is as of
the date indicated. The Company assumes no obligation to update any
forward-looking statements contained in this news release as a
result of new information or future events or developments.
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SOURCE 3M