3M to take $5.8 billion hit under PFAS personal injury settlement

Nov 3 (Reuters) - Industrial conglomerate 3M MMM.N said on Tuesday it had entered into a broad resolution to settle PFAS "forever chemicals" -related personal injury claims, and warned of a pre-tax hit of $5.8 billion in the fourth quarter.

Here are some more details:

• Under the agreement, 3M would make a pre-tax $7.35 billion nominal commitment over nine years, with a present value of $5.8 billion

• 3M said the resolution addressed about 99% of current personal injury claims inside and outside the Aqueous Film-Forming Foam Multi-District Litigation (AFFF MDL), involving about 115,000 to 120,000 plaintiffs eligible to participate, including all personal injury claims that had been the focus of the litigation

• The payment structure includes a $50 million payment in 2026 and no payments in 2027, with about 20% of payments due in the final two years

• 3M said it announced in 2022 that it would discontinue the manufacture of all PFAS globally by the end of 2025 and had successfully met that goal

• "This settlement is a significant milestone for 3M and substantially reduces litigation uncertainty," CEO William Brown said in a statement on Tuesday

• 3M said the charge does not change its previously issued 2026 forecast

• The company said the agreement was not an admission of liability and would be prepared to continue to defend itself if the agreed settlement terms are not fulfilled