3M and the State of Minnesota Establish Environmental Partnership, Settle Lawsuit
20 Fevereiro 2018 - 6:41PM
Business Wire
Today, 3M and the State of Minnesota reached a resolution of the
State’s lawsuit against 3M related to certain PFCs present in the
environment.
Under the terms of the settlement, 3M and the State will partner
to invest in the environment and community. 3M will provide an $850
million grant to the State for a special “3M Grant for Water
Quality and Sustainability Fund.” This Fund will enable projects
that support water sustainability in the Twin Cities East Metro
region, such as continued delivery of water to residents and
enhancing groundwater recharge to support sustainable growth. The
projects will also result in habitat and recreation improvements,
such as fishing piers, trails, and open space preservation. This
settlement is consistent with 3M’s long history of environmental
stewardship.
“We are proud of our record of environmental stewardship, and
while we do not believe there is a PFC-related public health issue,
3M will work with the State on these important projects,” said John
Banovetz, senior vice president, 3M Research & Development and
Chief Technology Officer. “Sustainability is embedded firmly at the
core of our business. This settlement reflects our commitment to
acting with integrity and conducting business in a sustainable way
that is in the best interest of all who live and work in
Minnesota.”
Minnesota is 3M’s birthplace and home for more than 115 years.
Our 16,000 employees throughout the state help 3M touch countless
lives through its business, innovation and community investments.
This settlement will ensure that the money 3M contributes to the
State will go directly to activities and projects related to the
reduction of PFCs in the environment and also to the enhancement of
groundwater sustainability in the Twin Cities East Metro area.
As a result of this settlement, 3M will record a first quarter
2018 charge of approximately $1.10 to $1.15 per share inclusive of
related legal fees.
Forward-Looking Statements
This news release contains forward-looking information about
3M's financial results and estimates and business prospects that
involve substantial risks and uncertainties. You can identify these
statements by the use of words such as "anticipate," "estimate,"
"expect," "aim," "project," "intend," "plan," "believe," "will,"
"should," "could," "target," "forecast" and other words and terms
of similar meaning in connection with any discussion of future
operating or financial performance or business plans or prospects.
Among the factors that could cause actual results to differ
materially are the following: (1) worldwide economic, political,
and capital markets conditions and other factors beyond the
Company's control, including natural and other disasters or climate
change affecting the operations of the Company or its customers and
suppliers; (2) the Company's credit ratings and its cost of
capital; (3) competitive conditions and customer preferences; (4)
foreign currency exchange rates and fluctuations in those rates;
(5) the timing and market acceptance of new product offerings; (6)
the availability and cost of purchased components, compounds, raw
materials and energy (including oil and natural gas and their
derivatives) due to shortages, increased demand or supply
interruptions (including those caused by natural and other
disasters and other events); (7) the impact of acquisitions,
strategic alliances, divestitures, and other unusual events
resulting from portfolio management actions and other evolving
business strategies, and possible organizational restructuring; (8)
generating fewer productivity improvements than estimated; (9)
unanticipated problems or delays with the phased implementation of
a global enterprise resource planning (ERP) system, or security
breaches and other disruptions to the Company's information
technology infrastructure; (10) financial market risks that may
affect the Company’s funding obligations under defined benefit
pension and postretirement plans; and (11) legal proceedings,
including significant developments that could occur in the legal
and regulatory proceedings described in the Company's Annual Report
on Form 10-K for the year ended Dec. 31, 2017, and any subsequent
quarterly reports on Form 10-Q (the “Reports”). Changes in such
assumptions or factors could produce significantly different
results. A further description of these factors is located in the
Reports under "Cautionary Note Concerning Factors That May Affect
Future Results" and "Risk Factors" in Part I, Items 1 and 1A
(Annual Report) and in Part I, Item 2 and Part II, Item 1A
(Quarterly Reports). The information contained in this news release
is as of the date indicated. The Company assumes no obligation to
update any forward-looking statements contained in this news
release as a result of new information or future events or
developments.
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version on businesswire.com: http://www.businesswire.com/news/home/20180220006598/en/
3MMedia:Donna Fleming Runyon, 651-736-7646orInvestor
Relations:Bruce Jermeland, 651-733-1807
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