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3M evaluating options for PFAS manufacturing in Belgium
  + stars: | 2023-09-25 | by ( ) www.reuters.com   time to read: +1 min
REUTERS/Nicholas Pfosi/File Photo Acquire Licensing RightsSept 25 (Reuters) - 3M (MMM.N) said on Monday it was looking at options to further accelerate the stoppage of manufacturing of PFAS chemicals at its Zwijndrecht facility in Belgium and warned of a likely hit due to the continued idling of the plant. In August, 3M secured preliminary approval for a $10.3 billion deal resolving claims by U.S. public water providers over pollution by PFAS. While the non-PFAS manufacturing continues at the Belgian facility, PFAS has been idled. However, the 3M said it was unable to predict the extent of any negative impact to operations. 3M has outlined plans to exit from all PFAS manufacturing by the end of 2025.
Persons: Nicholas Pfosi, 3M, PFAS, Priyamvada, Varun Organizations: 3M Global, REUTERS, U.S, Thomson Locations: Maplewood , Minnesota, U.S, Belgium, Belgian, Bengaluru
CNN —3M has agreed to pay almost $10 million to settle apparent violations of Iranian sanctions, the US Office of Foreign Assets Control said last week. The agency said 3M had 54 apparent violations of OFAC sanctions on Iran. One US person employed by 3M Gulf, a subsidiary in Dubai, was “closely involved” in the sale, OFAC said. OFAC notes Iranian law enforcement stands accused of human rights violations both in Iran and Syria. 3M voluntarily self-disclosed the apparent violations after discovering the sale hadn’t been authorized, according to OFAC.
Persons: Taavon Naja, OFAC, ” OFAC, Organizations: CNN, of Foreign, Control, 3M, Law Enforcement Forces, Locations: Iran, Switzerland, Dubai, Syria, United States, PFAS
The Office of Management and Budget reminded senior agency officials Friday to update and review shutdown plans. Those plans can vary from shutdown to shutdown. The nearly 4 million Americans who are federal employees will feel the effect immediately. Essential workers will remain on the job, but others will be furloughed until the shutdown is over. For many of them, a shutdown would strain their finances, as it did during the record 35-day funding lapse in 2018-2019.
Persons: , , Doreen Greenwald, Everett Kelley, Pell, disbursing Pell, It’s, treasurers Organizations: CNN, Management, National Treasury Employees Union, American Federation of Government Employees, Transportation Security Administration, Social Security, TSA, of Labor Statistics, Federal Reserve, Business Administration, Futures, US Centers for Disease Control, Drug Administration, Safety, Health Administration, Environmental Protection Agency, , Smithsonian, National, National Archives, National Park Service, of Education, Federal Student Aid, Federal, Department of, Assistance, SNAP, US Department of Agriculture, Women, of Housing, Urban Development, Commission, Research, NOAA, Oceanic, Administration, National Science Foundation, Peace Corps, State Department, Defense Department Locations: United States, America, Washington, DC, shutdowns
Biden's economic agenda has meant real changes for many Americans, like clean water and internet access. That $1 million came from President Joe Biden's $1.9 trillion American Rescue Plan , which was passed in 2021 to revitalize the economy and replenish Americans' wallets. But for the target groups seeing their everyday lives changed by Bidenomics funding, it can make a world of difference. AdvertisementAdvertisementThe hidden wins from BidenomicsWith 2024 looming, and Americans dreary on the economy, Bidenomics is still an elusive beast. Americans who are not part of targeted populations receiving these grants are left to contend with sky-high prices on their own.
Persons: Bradley Bonds, Bonds, Joe Biden's, Bidenomics, Biden, it's, Alice Stewart, It's, Stewart, Gallup, Rose Carter, Carter, Jodi Cutaiar, , there's, Max Berger, Elizabeth Warren's, Berger Organizations: Service, Fire, Congressional, CNN, Bidenomics, Alliance for Congregational, Rescue Plan, Biden, American, Companies, Justice Democrats, Republican Locations: Wall, Silicon, South Carolina, Middle America, Carolina, Phoenix, Pennsylvania, Ohio
The 3M logo is seen at its global headquarters in Maplewood, Minnesota, U.S. on March 4, 2020. Some analysts' estimates of the company's potential liability from the earplug litigation had been as high as $10 billion. The Combat Arms earplugs were made by Aearo Technologies, a company 3M acquired in 2008. The lawsuits were consolidated before U.S. District Judge M. Casey Rodgers in Pensacola, Florida federal court in 2019. Aearo filed for bankruptcy in July 2022, with 3M pledging $1 billion to fund its liabilities stemming from the earplug lawsuits.
Persons: Nicholas Pfosi, M, Casey Rodgers, Aearo, Rodgers, Brendan Pierson, Alexia Garamfalvi, Bill Berkrot Organizations: REUTERS, Aearo Technologies, 3M, U.S, District, Thomson Locations: Maplewood , Minnesota, U.S, Afghanistan, Iraq, Pensacola , Florida, New York
About 240,000 people are expected to be eligible for the settlement, Chris Seeger, a lead lawyer for the plaintiffs, said at a press conference. The money will be paid out from 2023 to 2029, and $1 billion will be in the form of 3M stock, the company said in a statement. Some analysts' estimates of the company's potential liability from the earplug litigation had been as high as $10 billion. The Combat Arms earplugs were made by Aearo Technologies, a company 3M acquired in 2008. Aearo filed for bankruptcy in July 2022, with 3M pledging $1 billion to fund its liabilities stemming from the earplug lawsuits.
Persons: Brendan McDermid, Chris Seeger, Seeger, Bryan Aylstock, Clayton Clark, M, Casey Rodgers, Aearo, Rodgers, Brendan Pierson, Kannaki, Alexia Garamfalvi, Bill Berkrot Organizations: New York Stock Exchange, REUTERS, U.S, 3M, Aearo Technologies, District, Thomson Locations: New York City, U.S, Minnesota, Afghanistan, Iraq, Pensacola , Florida, New Yorkk, Bengaluru
3M’s $6 bln earplugs settlement is a little sticky
  + stars: | 2023-08-29 | by ( ) www.reuters.com   time to read: +2 min
A variety of 3M products are pictured at an Orchard Supply Hardware store in Pasadena, California U.S., January 24, 2017. REUTERS/Mario Anzuoni Acquire Licensing RightsNEW YORK, Aug 29 (Reuters Breakingviews) - 3M’s (MMM.N) latest legal settlement includes some curious wrinkles. Moreover, the earplugs agreement is conditioned on 98% participation from what is now roughly 250,000 claimants. The $60 billion company is trying to project the idea it’s getting past its legal entanglements, but the reality is a little stickier. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Mario Anzuoni, Scotchgard, Jeffrey Goldfarb, Mukesh Ambani’s, Didi, Lauren Silva Laughlin, Sharon Lam Organizations: Supply, Pasadena , California U.S, REUTERS, Reuters, Aearo Technologies, X, Thomson Locations: Pasadena , California
New York CNN —3M has agreed to pay $6 billion to resolve roughly 300,000 lawsuits alleging that the manufacturing company supplied faulty combat earplugs to the military that resulted in significant injuries, such as hearing loss. 3M is prepared to continue to defend itself in the litigation if certain agreed terms of the settlement agreement are not fulfilled,” the company said. 3MThe earplugs were used by the US military in training and combat from 2003 to 2015. Veterans accused 3M of selling defective earplugs that caused hearing loss and tinnitus, according to a 2021 Wall Street Journal report. The earplugs were made by Aearo Technologies, a company 3M bought in 2008.
Persons: 3M, Aearo Organizations: New, New York CNN, Veterans, Aearo Technologies, 3M Locations: New York, United States
3M is on the verge of ending the largest mass tort litigation in U.S. history, but it's still facing other expensive legal headaches. The company said Tuesday that it settled with roughly 250,000 plaintiffs in a $6.01 billion deal. Military veterans and service members alleged 3M manufactured defective earplugs that resulted in hearing loss. While news of the settlement relieves one big legal overhang, 3M is still awaiting approval of its $10.3 billion settlement with water utilities over drinking water contaminated with substances known as "forever chemicals." That settlement, which is facing pushback from more than 20 states, only covers a subset of liabilities and does not include a growing list of states that have sued 3M.
Persons: Bryan Aylstock Organizations: Military, CNBC, Capstone
BPA is an endocrine disruptor, meaning that it mimics or interferes with the body’s hormones. It governs weight management and your energy levels, not to mention your skin’s appearance and your ability to fend off illness. Others have tried to argue that some of the chemicals in clothing fell within the legal and regulatory limits. The signs that something is very, very wrong with our reproductive health and endocrine systems are myriad. After all, you might be undoing the benefits of hitting the gym every day when your workout clothes could be doing so much damage to your health.
Persons: Alden Wicker, Athleta, Alden Wicker Alden Wicker, There’s, bisphenol, Ashley Eskew, , Thinx, ” Dr, Laura Vandenberg, Down, , Shanna, Dr, Graham Peaslee, PFAS, Swan, lipsticks, , ” Eskew, Eskew Organizations: New York Times, Vox, Wired, CNN, Center for Environmental Health, Nike, IKEA, Canadian Broadcasting Corporation, CBC, US Environmental Protection Agency, Industry, University of Massachusetts Amherst, of Environmental Health Sciences, Notre, Twitter Locations: Putnam, California, Patagonia, ” North Carolina, Spain
What’s in your tap water?” (If the drinking water is contaminated, formula mixed with it will be, too.) “But they feel heard.”Among the groups most likely to be exposed to PFAS in their drinking water are those in low-income communities or who live near military or industrial sites. determined that two kinds of PFAS — PFOS and PFOA — are “likely to be carcinogenic to humans” and proposed a goal of removing them almost entirely from public drinking water. The problem of PFAS pollution goes beyond drinking water: The Faroe Islands demonstrate as much. One afternoon this spring, Grandjean, Weihe and I sat around the kitchen table in Weihe’s clinic.
Persons: ” Elizabeth Friedman, don’t, , Friedman, he’d, Irving Selikoff, Selikoff, Grandjean, Selikoff’s, ” Grandjean, Organizations: Children’s Mercy, Children’s Mercy Kansas City, DuPont, Chermours, Toxic, European Chemicals Agency, European Union, Sinai Locations: Children’s Mercy Kansas, Missouri, U.S, United States, Paterson , N.J
The proposed deal would provide funds over a 13-year period to cities, towns and other public water systems to test and treat contamination of PFAS. They also said the deal could shift liability for future health concerns caused by PFAS from 3M onto the water systems themselves. That means the chemical maker could potentially seek compensation from the water systems in future litigation over things like PFAS-related cancer clusters, the states said. 3M, which is facing thousands of lawsuits over PFAS contamination, did not admit liability in the proposed settlement. It said in June that the money will help support remediation at public water systems that detect PFAS "at any level."
Persons: Scott Summy, , Rob Bonta, Richard Gergel, Clark Mindock, Amy Stevens, Aurora Ellis, Diane Craft Organizations: 3M, District of Columbia, PFAS, U.S, District, New, U.S . Chamber, Environmental Protection Agency, EPA, Thomson Locations: U.S, California, Texas , New York, South Carolina, United States, New York State
Post-it maker 3M is in danger of coming unstuck
  + stars: | 2023-07-19 | by ( Jeffrey Goldfarb | ) www.reuters.com   time to read: +10 min
There will be up to $1.5 billion of costs related to separating the health care business, 3M has said. Its interest cover, after backing out estimated operating income from health care, would fall to about 4 times from 11 times. And its net debt, using all these assumptions and excluding the health care division, would swell to nearly 5 times EBITDA from less than 2 times. Back out $2.5 billion from health care, as estimated by the Morgan Stanley team, and $1.5 billion of capital expenditure costs noted by Wolfe Research. For example, the water settlement, as drafted, only envisions $4.6 billion of outlays through 2025, and the rest over the ensuing 11 years.
Persons: Mike Roman, Roman, Sackler, Johnson, Aearo, , Morgan Stanley, Smith, Nephew, Lauren Silva Laughlin, Streisand Neto Organizations: YORK, Reuters, U.S . Environmental, Purdue Pharma’s, Association of Metropolitan Water Agencies, Bayer, Monsanto, Aearo Technologies, Partners, Honeywell International, Siemens, 3M, Refinitiv, Reuters Graphics, Wolfe Research, Thomson Locations: . Oregon, Republic, Corning
JPMorgan adds Qualcomm and HP Inc. to the focus list JPMorgan added HP Inc. to the focus list and said it's a top value idea. The firm also added Qualcomm to the focus list and says it's a top growth idea. JPMorgan adds Charles Schwab to the focus list JPMorgan added the stock to its focus list after its earnings report and said it sees "improving fundamentals." Bank of America reiterates Amazon as buy Bank of America said it's bullish heading into Amazon earnings later this month. Bank of America reiterates Block as buy Bank of America said shares of the company formerly known as Square are undervalued.
Persons: Tesla, it's, Charles Schwab, Schwab, Jefferies, Berkshire Hathaway, Archer, Guggenheim, ServiceNow Organizations: JPMorgan, Qualcomm, HP Inc, Watch, Cisco, " Bank of America, of America, Bank of America, Meta, UBS, Berkshire, Citi, Republic Services, Hollywood, Argus, Street, Aviation, UW, DuPont, Texas, Microsoft, Apple Locations: 2023E, 2025E, Berkshire, ACHR, EE
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Persons: Dow Jones
The water-recycling firm Gradiant became one of the first in the space to be valued at $1 billion. Bajpayee's Gradiant helps industrial businesses get this under control by treating and recycling used water. Gradiant has raised over $400 million from investors to date and counts BMW, Coca-Cola, Pfizer, and Taiwan Semiconductor Manufacturing Co. as customers. "If you think about it, ever since the industrial revolution, we've just been taking water from nature," Bajpayee told Insider. Bajpayee added that the company used fewer and, "in some cases," no chemicals in its treatments.
Persons: Gradiant, Anurag Bajpayee, we've, Bajpayee, MIT spinout, Iris, Extantia, Leonardo DiCaprio, Lindsey Higgins, Higgins Organizations: BMW, Cola, Pfizer, Taiwan Semiconductor Manufacturing, MIT, Synthesis Locations: Microsoft's, South America
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBofA's Andrew Obin upgrades 3M to neutral after legal settlement related to PFASAndrew Obin, BofA Securities, joins 'Power Lunch' to discuss his upgrade of 3M to neutral.
Persons: Andrew, Andrew Obin Organizations: BofA Securities Locations: BofA
July 6 (Reuters) - Nearly half of U.S. tap water samples contain toxic "forever chemicals," substances used in hundreds of household items from cleaning supplies to pizza boxes to which broad exposure can carry serious health risks, according to a new study. But analyzing tap water allows for a more accurate assessment of what people are drinking, said Kelly Smalling, a USGS hydrologist who led the research. The study samples, which came from public supplies and private wells between 2016 and 2021, were tested for 32 types. Public water supplies are regulated by the Environmental Protection Agency while private wells are not. It would require monitoring of public water systems and disclosure when PFAS levels exceed limits.
Persons: Kelly Smalling, ” Smalling, Rachel Nostrant, Nancy Lapid, Howard Goller Organizations: Geological Survey, U.S . Centers for Disease Control, Environmental Protection Agency, Biden administration’s, Infrastructure Law, Thomson Locations: U.S
CNN —Almost half of the tap water in the United States is contaminated with chemicals known as “forever chemicals,” according to a study from the US Geological Survey. Experts say it’s important for people to understand their risk of exposure through tap water. Water filters may help somewhat if tap water is contaminated, and there are moves to regulate some PFAS chemicals in US drinking water. This US Geological Survey map shows the number of PFAS detected in tap water samples from select sites across the nation. In August 2023, the EPA said it is conducting the “most comprehensive monitoring effort for PFAS ever” at large and midsize public water systems and hundreds of small water systems.
Persons: Jamie DeWitt, There’s, , DeWitt, They’re, Graham Peaslee, Dr, Sanjay Gupta, , Peaslee, ” Peaslee Organizations: CNN, Geological Survey, National Institutes of Health, US Environmental Protection Agency, Survey, Eastern Seaboard, Environmental Health Sciences, Oregon State University’s College of Agricultural Sciences, Utilities, EPA, of Physics, University of Notre Dame, CNN Health Locations: United States, Great, Central, Southern California
Central banks to Wall Street: More pain is coming
  + stars: | 2023-06-23 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +6 min
New York CNN —Market euphoria in early June, spurred on by a pause in interest rate hikes by the Federal Reserve, is well behind us now. What’s happening: It’s been just over a week since the Federal Reserve paused its 14-month regimen of interest rate hikes to fight inflation. The Bank of England, meanwhile, surprised investors by raising interest rates in the UK by an outsized half of a percentage point. Central banks had been making smaller interest rate moves as inflation began to ease off of recent highs. Elsewhere in Europe, central banks in Norway and Switzerland also hiked rates to decade-high levels on Thursday.
Persons: We’re, It’s, Jerome Powell, ” Powell, Stocks, Scott Wren, Wells, , Samantha Delouya, Elon Musk, Mark Zuckerberg, Musk, Zuckerberg, Hanna Ziady, Alex Heath, , Paddy Power Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Central Bank, Nasdaq, Senate, Financial Services, The Bank of England, Bank of England, Fed, Commonwealth, 3M, WWE, Tech, Twitter, Meta, Locations: New York, Europe, Norway, Switzerland, ” Switzerland, United States, Wells Fargo, Las Vegas
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
CNN —3M announced Thursday that it had reached an agreement to settle lawsuits that claimed that toxic “forever chemicals” had contaminated water supplies in the United States. The company — which produces Post-It notes, Scotch Tape, and n95 masks, among other industrial products — said it would pay up to $10.3 billion over 13 years to fund public water suppliers in the US that have detected these chemicals in drinking water. Polyfluoroalkyl and perfluoroalkyl substances (PFAS), known as “forever chemicals,” have been found in hundreds of household items, including makeup and carpeting, and are used to make coatings that repel water, grease, and oil. The settlement comes after 3M faced thousands of lawsuits for the last two decades over its manufacturing of products containing PFAS. These lawsuits allege that 3M knew PFAS caused cancer, developmental defects and other health problems, and that the chemicals contaminated US drinking water systems.
Persons: 3M’s, , Mike Roman Organizations: CNN — 3M, 3M, Chemours, DuPont, US Environmental Protection Agency Locations: United States
The chemical and manufacturing giant 3M reached a $10.3 billion settlement on Thursday with U.S. cities and towns over their claims that the company contaminated drinking water with so-called forever chemicals used in everything from firefighting foam to nonstick coatings. Under the sweeping settlement, 3M said it would pay out the money over 13 years to any cities, counties and others across the country to test for and clean up perfluoroalkyl and polyfluoroalkyl substances, known as PFAS, in public water supplies. 3M, which is facing about 4,000 lawsuits by states and municipalities for PFAS contamination, did not admit any liability. The company said the settlement covered remediation to water suppliers that detected the chemical “at any level or may do so in the future.”In a statement, Mike Roman, the chairman and chief executive of 3M, called the agreement “an important step forward for 3M” and said it built on “our announcement that we will exit all PFAS manufacturing by the end of 2025.”
Persons: Mike Roman, Organizations: 3M
3M settles 'forever chemical' lawsuit for $10.3 billion
  + stars: | 2023-06-22 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email3M settles 'forever chemical' lawsuit for $10.3 billionCNBC's Seema Mody joins 'Fast Money' with breaking news out of 3M concerning its PFAS lawsuit.
Persons: Seema Mody
Cramer's Lightning Round: Get rid of ADT
  + stars: | 2023-06-22 | by ( Julie Coleman | ) www.cnbc.com   time to read: +2 min
Stock Chart Icon Stock chart icon Cummins' year-to-date stock portfolio. Stock Chart Icon Stock chart icon Simon Property Group's year-to-date stock performance. Stock Chart Icon Stock chart icon ADT's year-to-date stock performance. Stock Chart Icon Stock chart icon Abbvie's year-to-date stock performance. Stock Chart Icon Stock chart icon Evergy's year-to-date stock performance.
Persons: Cummins, Simon, it's, Abbvie's, Marten Transport's, Marten, I've, Jim Cramer's Organizations: Cummins, Simon Property, Realty, 3M, Trucking, Energy Solutions, Atlas Energy Solutions
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