ST. PAUL, Minn.--(BUSINESS WIRE)--
Today, 3M and the State of Minnesota reached a resolution of the State’s
lawsuit against 3M related to certain PFCs present in the environment.
Under the terms of the settlement, 3M and the State will partner to
invest in the environment and community. 3M will provide an $850 million
grant to the State for a special “3M Grant for Water Quality and
Sustainability Fund.” This Fund will enable projects that support water
sustainability in the Twin Cities East Metro region, such as continued
delivery of water to residents and enhancing groundwater recharge to
support sustainable growth. The projects will also result in habitat and
recreation improvements, such as fishing piers, trails, and open space
preservation. This settlement is consistent with 3M’s long history of
environmental stewardship.
“We are proud of our record of environmental stewardship, and while we
do not believe there is a PFC-related public health issue, 3M will work
with the State on these important projects,” said John Banovetz, senior
vice president, 3M Research & Development and Chief Technology Officer.
“Sustainability is embedded firmly at the core of our business. This
settlement reflects our commitment to acting with integrity and
conducting business in a sustainable way that is in the best interest of
all who live and work in Minnesota.”
Minnesota is 3M’s birthplace and home for more than 115 years. Our
16,000 employees throughout the state help 3M touch countless lives
through its business, innovation and community investments. This
settlement will ensure that the money 3M contributes to the State will
go directly to activities and projects related to the reduction of PFCs
in the environment and also to the enhancement of groundwater
sustainability in the Twin Cities East Metro area.
As a result of this settlement, 3M will record a first quarter 2018
charge of approximately $1.10 to $1.15 per share inclusive of related
legal fees.
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, and capital markets 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) the Company's credit ratings and its
cost of capital; (3) competitive conditions and customer preferences;
(4) foreign currency exchange rates and fluctuations in those rates; (5)
the timing and market acceptance of new product offerings; (6) 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); (7) 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; (8)
generating fewer productivity improvements than estimated; (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) financial market risks that may affect the
Company’s funding obligations under defined benefit pension and
postretirement plans; and (11) 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, 2017, and any subsequent quarterly reports on Form 10-Q (the
“Reports”). 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). 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