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☆ US companies in China struggle with raids, slow deal approvals, anti-espionage law
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +3 min

[1/2] U.S. Commerce Secretary Gina Raimondo delivers her speech at a reception with U.S. Industry and Chinese Government Officials hosted by U.S. Ambassador to China Nick Burns, in Beijing, China, August 28, 2023. Below are details on some of the bigger hurdles for doing business in China in recent years. Counterespionage law:Chinese lawmakers passed a wide-ranging update to Beijing's anti-espionage legislation in April, banning the transfer of any information related to national security and broadening the definition of spying. The law does not define what falls under China's national security or interests.

Persons: Gina Raimondo, China Nick Burns, Andy Wong, Mintz, Raimondo, Chris Sanders, Jonathan Oatis Organizations: . Commerce, . Industry, Government, U.S, REUTERS Acquire, Rights, Bain, Capvision Partners, Beijing Municipal Bureau, Statistics, China's, Intel Corp, chipmaker Semiconductor, DuPont De Nemours Inc, Rogers Corp, Xinhua, chipmaker Micron Technology, Beijing, Thomson Locations: China, Beijing, Shanghai, United States

☆ DuPont to sell Delrin resins unit to PE firm for around $1.8 bln - Bloomberg News
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

A logo is pictured outside of Dupont offices in Geneva, Switzerland, April 15, 2021. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsAug 20 (Reuters) - Materials and chemicals maker DuPont De Nemours Inc (DD.N) is in advanced talks to sell its Delrin resins unit to private equity firm The Jordan Company for about $1.8 billion, Bloomberg News reported on Sunday, citing people familiar with the matter. Jordan Company could announce the deal as soon as this week, the report said, adding that no final decision has been made and that talks could still fall apart. Lone Star and Platinum Equity were the other bidders for the assets, Bloomberg News had reported earlier in the month. Dupont and Jordan Company did not immediately respond to Reuters' request for comment.

Persons: Denis Balibouse, Delrin, Dupont, Gokul Pisharody, Kanjyik Ghosh, Muralikumar Anantharaman, Christopher Cushing Organizations: REUTERS, DuPont De Nemours Inc, Jordan Company, Bloomberg, Lone Star, Equity, Bloomberg News, DuPont, Reuters, Thomson Locations: Dupont, Geneva, Switzerland, Bengaluru

Tower Semiconductor is seen on smartphone in front of displayed Intel logo in this illustration taken, February 15, 2022. Last year, DuPont De Nemours Inc (DD.N) scrapped its $5.2 billion deal to buy electronics materials maker Rogers Corp (ROG.N) after delays in securing approval from Chinese regulators. But Gelsinger also said Intel was investing in its foundry business, which makes chips for other companies, irrespective of the Tower deal. Investors had given up hope on the Tower deal as a result. It has committed to trimming $3 billion in costs this year, with an aim of saving between $8 billion and $10 billion by the end of 2025.

Persons: Dado Ruvic, Pat Gelsinger, Gelsinger, Benjamin Netanyahu, Anirban Sen, Max Cherney, Jamie Freed Organizations: Semiconductor, REUTERS, Intel Corp, chipmaker, Intel, State Administration, Market, DuPont De Nemours Inc, Rogers Corp, Investors, Nasdaq, Taiwan Semiconductor Manufacturing, Thomson Locations: China, United States, Taiwan, Israel, New York, San Francisco

June 22 (Reuters) - 3M Co has reached a $10.3 billion settlement with a host of U.S. public water systems to resolve water pollution claims tied to "forever chemicals," the chemical company announced on Thursday. The company said the settlement would provide the funds over a 13-year period to cities, towns and other public water systems to test and treat contamination of per- and polyfluoroalkyl substances, or PFAS. 3M, which is facing thousands of lawsuits over PFAS contamination, did not admit liability, and said the money will help support remediation at public water systems that detect PFAS "at any level." "The result is that millions of Americans will have healthier lives without PFAS in their drinking water." 3M had been scheduled to face a test trial in South Carolina federal court earlier this month in a lawsuit brought by Stuart, Florida.

Persons: Scott Summy, Stuart, Brendan Pierson, Clark Mindock, Alexia Garamfalvi, Chris Reese, Daniel Wallis Organizations: 3M, Environmental Protection Agency, EPA, DuPont de Nemours Inc, Corteva Inc, Thomson Locations: U.S, South Carolina, Stuart , Florida, New York

The judge asked for weekly updates, and said he would reschedule the trial if an agreement is not reached within 21 days. 3M spokesperson Sean Lynch said in a statement the parties are "making material and significant progress toward a resolution of this matter." [1/2] The 3M Global Headquarters in Maplewood, Minnesota, U.S. is photographed on March 4, 2020. It has said in court documents that PFAS have not been linked with health problems at the levels being discovered in drinking water. Bloomberg News reported last Friday that 3M had struck a tentative $10 billion deal with U.S. cities and towns to resolve the PFAS water pollution lawsuits it is facing.

Persons: Stuart, Richard Gergel, Paul Napoli, Sean Lynch, Nicholas Pfosi, Maria Ponnezhath, Clark Mindock, Juby Babu, Akanksha Khushi, Aishwarya Nair, Kim Coghill, Sonali Paul, Sriraj, Devika Syamnath, Alexia Garamfalvi, Marguerita Choy Organizations: 3M, District, Napoli, 3M Global, REUTERS, Bloomberg News, Environmental Protection Agency, DuPont de Nemours Inc, Corteva Inc, Thomson Locations: U.S, Florida, Charleston , South Carolina, South Carolina, Stuart , Florida, Maplewood , Minnesota, Bengaluru, New York

[1/2] The 3M Global Headquarters in Maplewood, Minnesota, U.S. is photographed on March 4, 2020. 3M was scheduled to face trial in South Carolina federal court on Monday in a lawsuit brought by the Florida city accusing the company of manufacturing PFAS, or per- and polyflouroalkyl substances, despite knowing for decades that the chemicals can cause cancer and other ailments. The company and lawyers for the city did not immediately respond to requests for comment. 3M announced in December that it would stop producing PFAS by 2025, amid increased legal and regulatory scrutiny. Bloomberg News reported last Friday that 3M had struck a tentative $10 billion deal with U.S. cities and towns to resolve the PFAS water pollution lawsuits it is facing.

Persons: Nicholas Pfosi, Stuart, Maria Ponnezhath, Clark Mindock, Kim Coghill, Sonali Paul Organizations: 3M Global, REUTERS, 3M, U.S, District, District of South Carolina Charleston Division, DuPont de Nemours Inc, Corteva Inc, Bloomberg News, Thomson Locations: Maplewood , Minnesota, U.S, Stuart, Florida, South Carolina, District of South, Bengaluru, New York

June 2 (Reuters) - 3M Co (MMM.N) has struck a tentative settlement of at least $10 billion with a host of U.S. cities and towns to resolve water pollution claims tied to "forever chemicals," Bloomberg News reported on Friday, citing people familiar with the matter. 3M was scheduled to face trial on Monday against the City of Stuart, Florida. The city has said it is seeking more than $100 million from 3M to pay for water filtration and soil remediation. Litigation over them threatens companies like 3M, DuPont and others with billions of dollars in liabilities. The city claims firefighting foams containing PFAS were regularly sprayed at a local fire station, leading the chemicals to seep into the groundwater.

Persons: DuPont de Nemours Inc DD.N, CTVA.N, Stuart, Priyamvada, Clark Mindock, Brendan Pierson, Devika Syamnath, Alexia Garamfalvi, Matthew Lewis Organizations: Bloomberg, Reuters, DuPont de Nemours Inc, City, 3M, DuPont, Thomson Locations: U.S, DuPont, Stuart , Florida, South Carolina, West Palm Beach , Florida, Bengaluru, New York

☆ Chemical makers settle PFAS-related claims for $1.19 bln
▼ + stars: | 2023-06-02 | by ( Clark Mindock | ) www.reuters.com time to read: +2 min

The companies, which deny the allegations, said that they expect to finalize a formal agreement by the second quarter of 2023. Chemours said it would contribute half the agreed amount, while the remainder would be provided by DuPont and Corteva. A first trial testing those claims against 3M Co. is scheduled to begin next week. Chemours, DuPont and Corteva were originally included as defendants in that trial, but Gergel removed them from the proceedings last month. The companies also face claims in other courts raised by individuals and by state attorneys general in California, Maryland, Washington and elsewhere.

Persons: Chemours, Richard Gergel, Gergel, Sourasis Bose, Clark Mindock, Shounak Dasgupta, Vinay Dwivedi, Alexia Garamfalvi, Sharon Singleton Organizations: DuPont de Nemours Inc, Corteva Inc, DuPont, Corteva, 3M, U.S, District, Thomson Locations: U.S, South, California , Maryland, Washington, Bengaluru, New York

☆ 3M reaches tentative pollution settlement of at least $10 bln - Bloomberg News
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +1 min

June 2 (Reuters) - 3M Co (MMM.N) has struck a tentative settlement of at least $10 billion with a host of U.S. cities and towns to resolve water pollution claims tied to "forever chemicals", Bloomberg News reported on Friday, citing people familiar with the matter. Shares of 3M were up about 9% in afternoon trade. Last month, the Dutch government said it would hold 3M liable for polluting the Western Scheldt river with perfluoroalkyl and polyfluoroalkyl substances (PFAS) - dubbed "forever chemicals" because they can last thousands of years in nature without degrading. 3M did not immediately respond to a Reuters request for comment on the report. Reporting by Priyamvada C in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Priyamvada, Devika Organizations: Bloomberg, Chemours, DuPont de Nemours Inc, Corteva Inc, Thomson Locations: U.S, perfluoroalkyl, Bengaluru

Kidde-Fenwal filed for Chapter 11 protection in Delaware bankruptcy court. Kidde-Fenwal sold AFFF foam products from 2007 to 2013, according to court documents. Kidde-Fenwal does not make AFFF products, but it previously sold AFFF products through a subsidiary called National Foam. 3M, a central defendant in the AFFF lawsuits, has said it would stop producing PFAS by 2025. The case is In re Kidde-Fenwal Inc, U.S. Bankruptcy Court for the District of Delaware, No.

☆ DuPont trims revenue forecast on slow electronics recovery, shares fall
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

May 2 (Reuters) - DuPont de Nemours Inc (DD.N) on Tuesday cut its full-year revenue forecast, citing slower-than-expected recovery in the electronics and industrial markets, sending its shares down nearly 5% in premarket trading. The materials and chemicals maker expects customer utilization in the electronics markets to bottom in the "near-term" and improve only in the third quarter. DuPont cut the top-end of its annual sales forecast to $12.50 billion from $12.90 billion, while retaining the lower end at $12.30 billion. "Within electronics markets, we continue to see weakness and channel inventory destocking in the near-term," Chief Financial Officer Lori Koch said in a statement. "We continue to expect ongoing strength throughout the year in areas such as water, automotive, aerospace and healthcare," Koch said.

His comments renewed investor hopes for less aggressive monetary policy that wavered after a strong U.S. jobs report last Friday. The tech-heavy Nasdaq (.IXIC) rallied on news form Microsoft Corp (MSFT.O), and the S&P 500 (.SPX) also got a boost. Most sectors on the S&P 500 ended higher. So far, more than half of the companies on the S&P 500 have reported quarterly earnings, with 69.1% of them beating expectations, according to Refinitiv. The S&P 500 posted 5 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 90 new highs and 31 new lows.

His comments came after a strong jobs report last week stymied rising hopes of less aggressive monetary policy. The Nasdaq and the S&P 500 fluctuated during and after Powell's remarks. Boosting the tech-heavy Nasdaq (.IXIC) and the S&P 500 (.SPX) was Microsoft Corp (MSFT.O). Six of the top 11 sectors on the S&P 500 fell, but technology (.SPLRCT) was among top gainers, up 1.61%. So far, more than half of the companies on the S&P 500 have reported quarterly earnings, with 69.1% of them beating expectations, according to Refinitiv.

☆ DuPont expects strong second-half on boost from China's reopening
▼ + stars: | 2023-02-07 | by ( Ankit Kumar | ) www.reuters.com time to read: +2 min

Feb 7 (Reuters) - DuPont de Nemours Inc (DD.N) on Tuesday projected results to improve in the second-half of the year from steadying consumer electronics demand, normalized inventory levels at customers and China's reopening. DuPont forecast annual sales of $12.30 billion to $12.90 billion, compared with estimates of $12.91 billion, according to Refinitiv IBES data. It expects full-year adjusted earnings between $3.50 and $4.00 per share, compared with estimates of $3.86. The price hikes helped DuPont post adjusted income of 89 cents per share in the fourth quarter, compared with estimates of 78 cents. California's attorney general last year sued DuPont, 3M (MMM.N) and several other companies over toxic "forever chemicals".

Capping declines on the tech-heavy Nasdaq (.IXIC) was megacap Microsoft Corp (MSFT.O). Seven of the top 11 sectors on the S&P 500 were in declines, but technology (.SPLRCT) was among top gainers propped up by Microsoft. Expectations of high rates for a protracted period dragged Wall Street's main indexes down on Monday. But, all three major averages are in the black for 2023, with the Nasdaq (.IXIC) adding over 13%, led by a revival in battered mega-cap growth stocks. So far, more than half of the companies on the S&P 500 have reported quarterly earnings, with 69.1% of them beating expectations, according to Refinitiv.

☆ DuPont fourth-quarter profit beats on higher prices
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

Feb 7 (Reuters) - Industrial materials maker DuPont de Nemours Inc (DD.N) reported a fourth-quarter profit on Tuesday that beat analysts' estimates, as higher pricing for its products helped offset an increase in costs. The company has been increasing prices to tackle rising costs for raw materials and energy. Prices of U.S. natural gas , a key input, averaged $6.10 per million metric British thermal units during the October-December quarter, nearly 26% higher from a year earlier. DuPont's net sales fell 4% to $3.1 billion in the quarter, compared with analysts' estimates of $3.09 billion, according to Refinitiv IBES data. On an adjusted basis, the company earned 89 cents per share, beating estimates of 78 cents per share.

☆ 3M, DuPont, Other Makers Expected to Face New Drinking Water Rules on ‘Forever Chemicals’
▼ + stars: | 2022-12-21 | by ( Kris Maher | Bob Tita | ) www.wsj.com time to read: 1 min

PFAS testing at a laboratory in Holland, Mich. New drinking water standards could require thousands of public water systems to install additional filtration systems. New federal drinking water standards could ratchet up legal pressure on 3M Co., DuPont de Nemours Inc. and other companies that manufactured or used so-called forever chemicals. The Environmental Protection Agency has been stepping up scrutiny of chemicals known as perfluoroalkyl and polyfluoroalkyl substances, or PFAS. The agency has said it is planning to propose the first federal drinking water limits on them in the coming months, a move some legal experts say could prompt additional lawsuits against PFAS manufacturers.

☆ 3M to end 'forever chemicals' output at cost of up to $2.3 billion
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +2 min

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. Pressure to stop producing the chemicals has also increased, with investors managing $8 trillion in assets earlier this year writing to 54 companies urging them to phase out their use. 3M expects related total pre-tax charges of about $1.3 billion to $2.3 billion over the course of its PFAS exit. In the fourth quarter, it expects to take an estimated pre-tax charge between $0.7 billion and $1.0 billion, primarily non-cash and related to asset impairments. In August, the Biden administration said it will propose designating certain forever chemicals as hazardous substances under the U.S. Superfund program.

☆ 3M to stop making 'forever chemicals', to take up to $2.3 bln charge
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +2 min

The per- and polyfluoroalkyl substances are known as forever chemicals because the substances do not break down quickly and have in recent years been found in dangerous concentrations in drinking water, soils and foods across the country. Last month, 3M and DuPont de Nemours Inc (DD.N) were among several companies to be sued by California's attorney general to recover clean-up costs. The company expects to incur related total pre-tax charges of about $1.3 billion to $2.3 billion over the course of its exit from PFAS. In the fourth quarter, 3M expects to take an estimated pre-tax charge between $0.7 billion and $1.0 billion, primarily non-cash and related to asset impairments. In August this year, the Biden administration said it will propose designating certain "forever chemicals" as hazardous substances under the nation's Superfund program.

☆ California Sues 3M and DuPont Over PFAS Chemicals
▼ + stars: | 2022-11-11 | by ( Christine Mai-Duc | Kris Maher | ) www.wsj.com time to read: 1 min

California Attorney General Rob Bonta wants 3M and DuPont to establish an abatement fund to reduce the toxins’ effects. California is suing 3M Co. and DuPont de Nemours Inc. along with other manufacturers of PFAS, a collection of chemicals that have been linked to health issues including cancer and are commonly found in consumer products such as fabrics, food packaging and cookware. The complaint, filed in Alameda County Superior Court Thursday, alleges that a total of 18 defendant manufacturers made products containing PFAS, commonly known as “forever chemicals,” for decades even though they knew they were toxic and harmful to humans and the environment.

☆ California sues 3M, Dupont over toxic 'forever chemicals'
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +2 min

Nov 10 (Reuters) - California's attorney general on Thursday sued 3M Co (MMM.N), DuPont de Nemours Inc (DD.N) and several other companies to recoup the "staggering" clean-up costs from toxic pollutants known as "forever chemicals." The substances are known as forever chemicals because of how long they stay in the human body and environment. "The damage caused by 3M, DuPont, and other manufacturers of PFAS is nothing short of staggering, and without drastic action, California will be dealing with the harms of these toxic chemicals for generations," Bonta said. In June, the U.S. Environmental Protection Agency warned that forever chemicals could be dangerous even at undetectable levels. The Biden administration is expected to issue the first enforceable drinking water regulations for PFAS in public water systems this year.

☆ California sues 3M, DuPont over toxic ‘forever chemicals’
▼ + stars: | 2022-11-10 | by ( ) edition.cnn.com time to read: +2 min

DuPont has never manufactured PFOA, PFOS or firefighting foam, said spokesperson Daniel Turner, referring to two PFAS substances. “The damage caused by 3M, DuPont, and other manufacturers of PFAS is nothing short of staggering, and without drastic action, California will be dealing with the harms of these toxic chemicals for generations,” Bonta said. Thursday’s lawsuit was filed in Alameda County, which includes Oakland, and is the first statewide legal action over PFAS contamination. In June, the US Environmental Protection Agency warned that forever chemicals could be dangerous even at undetectable levels. The Biden administration is expected to issue the first enforceable drinking water regulations for PFAS in public water systems this year.

☆ Businesses Rush to Sidestep Rate Shock by Paying Down Debt
▼ + stars: | 2022-11-09 | by ( Kristin Broughton | ) www.wsj.com time to read: +7 min

Executives are aggressively paying down debt as higher interest rates increase the cost associated with having debt and businesses face the prospect of a recession. As a result, some are taking steps to rein in expenses and cut interest costs, while others are looking to put cash reserves to work as their bank deposits continue to generate minimal yields. Beauty paid an annual interest rate of 4.9% on the loan, according to Mandy Fields, the company’s chief financial officer. About two-thirds of the loan carried a 5% interest rate that was fixed through a swap, which was set to expire in 2025. The two transactions reduced KAR’s annual interest costs by $70 million, to an estimated $15 million a year, Mr. Loughmiller said.

Qualcomm (QCOM.O) ended its $44 billion purchase of Dutch peer NXP Semiconductors NV in 2018 after failing to secure regulatory approval. read moreChina's regulators have declined to comment on the DuPont deal and have not provided a reason for the delay in reviewing it. One merger arbitrage fund investor, who declined to be named, said deals involving Chinese approval will be closely watched in the aftermath of the scrapped DuPont-Rogers deal. Shares of some U.S. companies with a significant footprint in China that are waiting to complete deals dropped on Wednesday as a result. Some investors cautioned, however, that the collapse of these deals hinges not just on whether Chinese regulators will withhold clearance but also on whether the acquirers are committed to the transactions.

☆ DuPont scraps $5.2 bln Rogers buyout due to China hurdles
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

DuPont said the termination of the deal was agreed with Rogers as they have been unable to obtain timely clearance from all the required regulators. Shares of engineering materials maker Rogers plunged 43% in extended trading on Tuesday, while those of DuPont rose about 6%. The collapsed Rogers deal is the most prominent global acquisition to be called off in four years due to Chinese regulatory hurdles. In 2018, Qualcomm Inc (QCOM.O) walked away from a $44 billion deal to buy NXP Semiconductors (NXPI.O) after failing to secure Chinese regulatory approval amid China-U.S. trade tensions. DuPont added it would pay Rogers a termination fee of $162.5 million.

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