3M To End 'Forever Chemicals' Output

An anonymous reader quotes a report from Reuters: U.S. industrial conglomerate 3M Co on Tuesday set a 2025 deadline to stop producing PFAS, the "forever chemicals" used in anything from cell phones to semiconductors that have been linked to cancers, heart problems and low birth weights. Perfluoralkyl and polyfluoroalkyl substances (PFAS) do not break down quickly and have in recent years been found in dangerous concentrations in drinking water, soils and foods. Legal pressure over the damage caused by PFAS has increased. Last month, 3M and DuPont de Nemours Inc (DD.N) were among several companies sued by California's attorney general to recover clean-up costs. Shareholders have also called for production of the chemicals to stop. Investors managing $8 trillion in assets earlier this year wrote to 54 companies urging them to phase out their use. "3M has been facing a raft of litigation that has prompted the move," Victoria Scholar, head of investment at abrdn's Interactive Investor, said of 3M's deadline. "3M said its annual sales of manufactured PFAS are about $1.3 billion with estimated earnings before interest, tax, depreciation (EBITDA) margins of about 16%," adds Reuters. "The sales figure works out at about 3.7% of 3M's 2021 group revenues of $35.4 billion. 3M expects related total pre-tax charges of about $1.3 billion to $2.3 billion over the course of its PFAS exit."

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