American industrial conglomerate 3M Co set a deadline of 2025 on Tuesday to stop producing PFAS, the “forever chemicals” used in everything from mobile phones to semiconductors, which have been linked to cancer, heart problems and low birth weight.
Las perfluoroalkyl and polyfluoroalkyl substances (PFAS) do not break down quickly and have been found in dangerous concentrations in drinking water, soil, and food in recent years.
3M’s decision comes amid mounting legal pressure over damage caused by PFAS. Last month, 3M and DuPont de Nemours Inc were among the companies sued by the California attorney general to recover cleanup costs.
Pressure has also increased to stop producing these chemicals, with investors managing $8 trillion worth of assets writing to 54 companies earlier this year urging them to phase out their use.
3M has been faced with a number of disputes leading to this decision,” Victoria Scholar, Head of Investments at abrdn’s Interactive Investor, said of the 3M term.
Investors are increasingly prioritizing environmental issues and other chemical manufacturers are likely to follow 3M’s lead, he added.
3M said its current annual sales of manufactured PFAS are about $1.3 billion, with estimated earnings before interest, taxes and depreciation (EBITDA) margins of about 16 percent.
The sales figure is equivalent to approximately 3.7% of the 3M group’s revenues in 2021, which amount to 35.4 billion dollars.
3M anticipates total pre-tax expenses of $1.3-2.3 billion over the term of PFAS production.
In the fourth quarter, estimated pre-tax expense of $700 million to $1 billion is anticipated, primarily non-cash and related to asset impairment.
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