3M announced plans to stop manufacturing perfluoroalkyl and polyfluoroalkyl (PFAS) substances by 2025. PFAS are used in consumer, commercial and industrial products, and is such a large part of 3M's bottom line that Reuters reports "3M expects related total pre-tax charges of about $1.3 billion to $2.3 billion over the course of its PFAS exit."
3M (NYSE: MMM) today announced it will exit per- and polyfluoroalkyl substance (PFAS) manufacturing and work to discontinue the use of PFAS across its product portfolio by the end of 2025. 3M's decision is based on careful consideration and a thorough evaluation of the evolving external landscape, including multiple factors such as accelerating regulatory trends focused on reducing or eliminating the presence of PFAS in the environment and changing stakeholder expectations.
"This is a moment that demands the kind of innovation 3M is known for," said 3M chairman and chief executive officer Mike Roman. "While PFAS can be safely made and used, we also see an opportunity to lead in a rapidly evolving external regulatory and business landscape to make the greatest impact for those we serve. This action is another example of how we are positioning 3M for continued sustainable growth by optimizing our portfolio, innovating for our customers, and delivering long-term value for our shareholders."
3M will:
- Exit all PFAS manufacturing by the end of 2025: 3M will discontinue manufacturing all fluoropolymers, fluorinated fluids, and PFAS-based additive products. We will help facilitate an orderly transition for customers. 3M intends to fulfill current contractual obligations during the transition period.
- Work to discontinue use of PFAS across our product portfolio by the end of 2025: We have already reduced our use of PFAS over the past three years through ongoing research and development, and will continue to innovate new solutions for customers.
With these two actions, 3M is committing to innovate toward a world less dependent upon PFAS. 3M's products are safe for their intended uses. 3M will continue to remediate PFAS and address litigation by defending ourselves in court or through negotiated resolutions, all as appropriate.
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