Analyzing 3M's PFAS Settlement: Impact on Stock PerformanceOn March 29, 3M ( NYSE:MMM ) announced that the settlement agreement with US public water suppliers (PWS) to address the presence of per- and polyfluoroalkyl substances (PFAS) in drinking water has received final approval from the US District Court in Charleston, South Carolina. The now-finalized agreement will offer support to PWS that detect PFAS at any level or may do so in the future, benefiting US-based PWS that provide drinking water to Americans across the country. The agreement was widely accepted and participated in by US PWS.
As previously disclosed, 3M ( NYSE:MMM ) has recorded an accrual of $10.3 billion for this matter, which reflects the pre-tax present value of the expected payments over 13 years under the agreement. Payments under the agreement are scheduled to begin in the third quarter of 2024, provided there are no pending appeals of the final approval order. 3M ( NYSE:MMM ) also continues to actively engage in insurance recovery activities.
In other news, Solventum celebrated its initial trading day as a publicly traded company on April 3. Solventum is a global healthcare leader with a diverse collection of strong, trusted, reputable brands and deep innovation capabilities; it is well positioned for success. It has a workforce of 22,000 employees led by CEO Bryan Hanson, CFO Wayde McMillan, and Board Chair Carrie Cox. Solventum offers solutions across four business segments – Medical Surgical, Dental Solutions, Health Information Systems, and Purification and Filtration. The company has a long heritage of creating innovative solutions that address its customers' most pressing issues related to patient care, efficient processes and workflow, and safety and accuracy standards.
Solventum colleagues worldwide are united in their mission to enable better, smarter, safer healthcare to improve lives. For instance, Solventum products have been used in over two billion dental restoration procedures worldwide and are estimated to treat 1.6 million hard-to-heal wounds annually. Software solutions are used in many health systems worldwide, including over 75% of US hospitals, and membrane technology is currently utilized in more than 25 million life-saving dialysis treatments annually. By listening to healthcare providers and patients, Solventum will continue to seek new ways to achieve positive health outcomes and more efficient care.
Solventum's CEO and members of the Solventum Leadership Team celebrated the company's first day as a publicly traded company by ringing the Opening Bell at the NYSE on April 3.
