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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

A fountain at Hermon High School in Maine is taped shut after the water tested over the state's safety limit for PFAS chemicals. The school's water recently tested above the state's safety limit for PFAS, or per- and polyfluoroalkyl substances, often referred to as "forever chemicals." According to the Environmental Protection Agency, even tiny exposure to PFAS in drinking water could pose a serious health risk. Hermon High School is just one example of PFAS contamination currently affecting the community, according to Maine's attorney general, Aaron Frey. The company also expressed a commitment to remediate PFAS contamination, invest in water treatment and collaborate with communities.

Persons: Stephen King —, Micah Grant, Grant, Aaron Frey, Frey, Farmer Adam Nordell, " Frey, Wisconsin —, they've, they're, Scott Gottlieb, Gottlieb, —, du Pont, du Pont de Nemours, Corteva Agriscience, Corteva, Chemours, Deane Dray, Dray, Ben Brewer, It's, 3M's, Eric Rucker, Biden, Gianna Kinsman, Kinsman, PFAS Organizations: Hermon High School, CNBC, Hermon School, Environmental Protection Agency, CNBC Maine, DuPont, 3M, Centers for Disease Control, FDA, Manufacturers, du Pont de, Chemours, Dow, State, RBC Capital Markets, 3M Global, Bloomberg, Getty, RBC Capital, Law, Capstone, Republican, Biden Locations: Bangor , Maine, Maine, Maryland, Rhode Island, Massachusetts, Alaska , California , Colorado , Delaware, Florida , Illinois , Michigan, Minnesota , New Hampshire , New Jersey , New York, North Carolina , Ohio, Vermont, Wisconsin, Minnesota, Delaware, Stuart , Florida, Stuart, Maplewood , Minnesota

☆ Post-it and Scotch tape maker 3M abruptly fired its chief business officer, who had a $4.5 million compensation package, for 'inappropriate conduct'
▼ + stars: | 2023-05-16 | by ( Grace Dean | ) www.businessinsider.com time to read: +2 min

3M fired its chief business officer, saying he behaved inappropriately and violated company policy. His 2022 total compensation was $4.5 million. 3M, which manufactures brands including Post-it, Scotch, and Scotch-Brite, announced on Monday that Michael Vale had been "terminated for cause," effective May 12. In 2022, when he served as group president of 3M's safety and industrial business, Vale's total compensation was $4.5 million, financial filings show. Since April 2022, Vale's target total cash compensation was $1.62 million, half of which was made up of his base salary.

3M and Aearo say the earplug litigation has spiraled out of control. But attorney Adam Silverstein, who represents veterans suing 3M over hearing loss, said at a court hearing in Indianapolis that filing for bankruptcy, like "pulling a fire alarm," should be reserved for urgent threats. Aearo was not in need of emergency rescue, because it had filed for bankruptcy solely as "a strategic alternative to managing 3M's litigation," Silverstein said. Aearo, which made the combat arms earplugs, filed for bankruptcy last July, with 3M pledging $1 billion to fund its liabilities stemming from the lawsuits that accuse both Aearo and 3M of misrepresenting the earplugs' effectiveness, leading to hearing damage. Aearo should be allowed to proactively resolve the growing problem of earplug lawsuits through a bankruptcy settlement, Husnick said.

April 4 (Reuters) - Federal appeals court judges on Tuesday appeared skeptical of 3M's (MMM.N) bid to use the bankruptcy of its subsidiary Aearo Technologies to shield itself from nearly 260,000 lawsuits over allegedly defective military-issue earplugs. Circuit Court of Appeals in Chicago to reverse a bankruptcy court order allowing the lawsuits to move forward against 3M, even though Aearo is bankrupt. Aearo and 3M said the bankruptcy process would facilitate a fair and comprehensive settlement with the plaintiffs. David Frederick, representing the plaintiffs, told the panel that 3M "contrived this bankruptcy to help itself, not Aearo or its creditors." The next-largest MDL, the Johnson & Johnson talc litigation, has 38,000 cases.

☆ These are the three most disliked Dow stocks by Wall Street analysts
▼ + stars: | 2023-03-26 | by ( Fred Imbert | ) www.cnbc.com time to read: +3 min

With the market experiencing outsized swings, investors may want to stay away from stocks disliked by analysts, at least in the near term. The Dow Jones Industrial Average gained 1.2% last week. .DJI 5D mountain Wild week for the Dow Given this backdrop, CNBC Pro set out to find the most disliked Dow stocks by analysts. The average price target on the stock implies upside of roughly 15%, but the stock has fallen 15.7% year to date and is the worst-performing Dow stock in 2023. Analysts on average rate the stock a hold, with more than 12% of them assigning it a sell rating.

☆ Here's how 3M's growing legal battle is impacting its stock
▼ + stars: | 2023-03-24 | 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 EmailHere's how 3M's growing legal battle is impacting its stockBrett Linzey, Mizuho Americas executive director, joins ‘Power Lunch’ to discuss 3M's growing legal battle over combat-grade earplugs and the issue's impact on the stock.

Nate was identified with tinnitus and now is one of more than 200,000 claimants suing 3M over its Combat Arms earplugs. To protect his hearing, Frei wore standard issue earplugs made by 3M . Plaintiffs claim 3M earplugs were "defective" and failed to protect against hearing loss and tinnitus. 3M's Combat Arms CAEv2 earplugs CNBCEach earplug had two ends: The green end was designed to block out all sound. 3M disagreed with those claims, telling CNBC: "The data support what 3M has maintained throughout this litigation: the Combat Arms Earplugs version two were safe and effective to use.

☆ Stocks making the biggest moves midday: Lowe's, 3M, First Horizon, Nio and more
▼ + stars: | 2023-03-01 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Rivian also shared an electric vehicle production outlook that fell short of analysts' expectations. First Solar — Shares of First Solar gained 15% after the solar company issued full-year guidance on Tuesday that came out ahead of expectations on per-share earnings and revenue. First Solar reported a fourth-quarter loss of 7 cents per share compared with a 17 cent per-share loss expected by analysts surveyed by FactSet. The company's revenue was in line with analysts' expectations of $1 billion. Ambarella gave first-quarter guidance that missed analysts' expectations on Tuesday, according to FactSet.

☆ U.S. military members suing 3M seek dismissal of subsidiary's bankruptcy
▼ + stars: | 2023-02-03 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

Feb 3 (Reuters) - Current and former U.S. military members suing 3M over allegedly defective military earplugs have asked a U.S. judge to dismiss 3M subsidiary Aearo Technologies' bankruptcy, accusing the company of using bankruptcy to shield itself from litigation, which has grown into the largest mass tort in U.S. history. 3M Co (MMM.N) faces more than 230,000 lawsuits accusing it of selling defective earplugs that caused hearing loss for U.S. military members. The company has sought to settle those lawsuits through Aearo's bankruptcy. Now the servicemembers suing want Graham to go a step further and end Aearo's bankruptcy entirely. The committee representing the servicemembers in bankruptcy court said in Thursday's filing that the LTL decision "knocks the props out from under these cases and requires their dismissal."

☆ S&P 500 ends slightly down after mixed earnings, opening glitch
▼ + stars: | 2023-01-24 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

The Nasdaq joined the S&P 500 in negative territory, while the Dow ended modestly higher. Fourth quarter earnings season is in full swing, with 72 of the companies in the S&P 500 having reported. On aggregate, analysts now expect S&P 500 earnings 2.9% below the year-ago quarter, down from the 1.6% year-on-year decline seen on Jan. 1, per Refinitiv. Among the 11 major sectors of the S&P 500, industrials suffered the biggest loss. The S&P 500 posted 26 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 77 new highs and 22 new lows.

☆ Wall Street totters after mixed earnings, trade halt glitch
▼ + stars: | 2023-01-24 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

More than 80 stocks were affected by the glitch, which caused wide swings in opening prices in stocks, including Walmart Inc (WMT.N) and Nike Inc (NKE.N). Fourth quarter earnings season is in full swing, with 72 of the companies in the S&P 500 having reported. On aggregate, analysts now expect S&P 500 earnings 2.9% below the year-ago quarter, down from the 1.6% year-on-year decline seen on Jan. 1, per Refinitiv. Among the 11 major sectors of the S&P 500, industrials was down the most. The S&P 500 posted 27 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 69 new highs and 21 new lows.

☆ 3M to cut 2,500 jobs as demand weakens, profit drops
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +1 min

Jan 24 (Reuters) - 3M Co (MMM.N) said on Tuesday it would cut 2,500 manufacturing jobs after reporting a lower profit, as the U.S. industrial conglomerate faces a demand slowdown in its unit that sells products including notebooks, air purifiers and respirators. Additionally, a cut back from U.S. retailers dealing with elevated inventory levels also dampened demand. "As demand weakened, we adjusted manufacturing output and controlled costs, which enabled us to improve inventory levels," he added. Excluding items, the company reported a profit of $2.28 per share compared to $2.45 per share a year earlier. Reporting by Aishwarya Nair in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Earnings results are dismal, but the market is still rallying. Here’s why
▼ + stars: | 2023-01-24 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

S & P 500 earnings estimates 2022 Q4: down 3.0% 2023 Q1: flat 2023 Q2: down 1.3% 2023 Q3: up 4.3% 2023 Q4: up 10.5% Source: Refinitiv Not great news on the earnings front! Because market sentiment was so negative ending 2022, a lot of investors are still not back in and are positioned "light." That's why all the earnings growth is in the second half of the year. The bet is that the first half of the year is flat on earnings, and the second half improves. The sales growth in January in China reinforces the Group's expectation to aim for a record year in 2023."

☆ Cramer’s week ahead: 'Be on your toes’ this earnings period
▼ + stars: | 2023-01-20 | by ( Krystal Hur | ) www.cnbc.com time to read: +3 min

Tuesday: General Electric, 3M, Union Pacific, MicrosoftGeneral ElectricQ4 2022 earnings release at 6:30 a.m. 3MQ4 2022 earnings release at 6:30 a.m. Wednesday: Boeing, IBM, ServiceNowBoeingQ4 2022 earnings release at 7:30 a.m. IBMQ4 2022 earnings release at 4:08 p.m. Friday: American ExpressQ4 2022 earnings release at 7 a.m.

☆ 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.

☆ Jim Cramer gives his take on 3M's and Wells Fargo's respective legal battles
▼ + stars: | 2022-12-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJim Cramer gives his take on 3M's and Wells Fargo's respective legal battlesCramer reviewed recent announcements about each of the companies and what it means for their stocks.

A conflict could arise in the future, if, for example, Aearo and 3M disagreed about the terms of a future settlement, Graham said. If that happened, Kirkland could face disqualification, loss of fees, or even potentially the dismissal of Aearo's bankruptcy case, according to the judge. Kirkland has defended 3M in the MDL, and it represents Aearo in the bankruptcy case that was meant to spur a settlement of the earplug lawsuits. The plaintiffs and the U.S. Department of Justice's bankruptcy watchdog sought to disqualify Kirkland from representing Aearo in the bankruptcy, saying it could not faithfully serve both Aearo and 3M. The case is Aearo Technologies LLC, U.S. Bankruptcy Court for the Southern District of Indiana, No.

☆ Independent union wins bargaining rights at 3M in central Mexico
▼ + stars: | 2022-11-01 | by ( Daina Beth Solomon | ) www.reuters.com time to read: +2 min

MEXICO CITY, Oct 31 (Reuters) - Independent Mexican union La Liga has won the right to represent workers at a 3M Co (MMM.N) plant, authorities said on Monday, marking a second victory for the fledgling group at a pivotal moment for workers to take on entrenched interests. Workers at 3M's plant in the central city of San Luis Potosi, which makes everything from Post-It notes to N95 masks, voted in January to reject the collective contract negotiated by their long-established union, the Confederation of Mexican Workers (CTM), opening the door to new representation. The union now has six months to negotiate a new contract, and aims to ensure salaries that keep up with Mexico's climbing inflation, Saucedo said. It has previously said it aims to offer competitive salaries and ensure job stability and will negotiate with the union chosen by workers. Reporting by Daina Beth Solomon; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Watch CNBC's full interview with RBC Capital Markets' Deane Dray
▼ + stars: | 2022-09-20 | 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 EmailWatch CNBC's full interview with RBC Capital Markets' Deane DrayDeane Dray, RBC Capital Markets managing director, joins 'Power Lunch' to discuss 3M's pivot to hydrogen and clean energy, whether General Electric's recent warning is a sector-wide warning or an isolated case and more.

☆ Every industrial company is talking about supply chain pressures, says RBC's Deane Dray
▼ + stars: | 2022-09-20 | 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 EmailEvery industrial company is talking about supply chain pressures, says RBC's Deane DrayDeane Dray, RBC Capital Markets managing director, joins 'Power Lunch' to discuss 3M's pivot to hydrogen and clean energy, whether General Electric's recent warning is a sector-wide warning or an isolated case and more.

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