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Seems not even Scotchgard can protect maker of passive aggressive fridge notes and life saving scrubs, 3M (MMM), against legacy industrial woes that have followed them to Europe. 𧽠Like fellow industrial giants DuPont (DD), The Chemours Company (CC) and Corteva (CTVA) - who fronted up to âdecades-long deceptionâ, last year jointly forking out US$4 billion to settle fresh lawsuits related to âforever chemicalsâ - industrial conglomerate 3M has found themselves in dark waters.
The problem? Perfluoroalkyl and polyfluoroalkyl, or PFAS. These are synthetic chemicals used to make eggs not stick to frying pans, create water resistant clothing, fire fighting foam and even cosmetics. đł Theyâve been shown to build up in blood streams and are linked to serious harmful health effects in animals and humans - even passing through motherâs milk to babies. đ¤ąÂ
From 1976 to 2002, American behemoth 3M produced PFAS in Antwerp, Belgium. Roll on 20 years, and a dogged US$4.8 billion tunnel project has unearthed âextraordinary levels of toxinsâ, with PFAS now found in residentsâ bloodstreams. In the US, 3M admitted to âunlawful releaseâ of PFAS and has paid out millions to settle cases. In Belgium, the multinational tried to hide land contamination but was caught out during secret handshake deals. đ¤ This July they brought a not-so-âlame-ass offerâ to the table, agreeing to payout US$582 million. Theyâve also been ordered to remove 1.5 metres of garden topsoil impacting around 1,000 residents who live near the 3M chemical plant. And they may yet face criminal charges with the possibility of prison sentences. đ¨
3Mâs already been digging a hole in the share markets, with their stock price steadily falling 44.7% since 2017 and tumbling 28% in the first half of 2022. đłď¸ In January, they paid out US$110 million in damages for allegedly defective earplugs and a further US$77.5 million to one veteran, with another 100,000 affected veterans filing proceedings. Share price drops are not unusual in todayâs climate. But 3Mâs costs keep piling up, with some saying they may exceed US$1 billion. Things that donât make you go mmmâŚ
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