- Oops!Something went wrong.Please try again later.
Financial impact reflected in existing reserves; settlement positions company to move forward
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.
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.
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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/3m-and-certain-co-defendants-resolve-hoosick-falls-class-action-301338976.html