Chemical manufacturer 3M will begin payments starting in the third quarter to many U.S. public drinking water systems as part of a multi-billion-dollar settlement over contamination with potentially harmful compounds used in firefighting foam and several consumer products, the company said.
St. Paul, Minnesota-based 3M announced Monday that last year’s lawsuit settlement received final approval from the U.S. District Court in Charleston, South Carolina.
The agreement called for payouts through 2036. Depending on what additional contamination is found, the amount paid out will range from $10.5 billion to $12.5 billion.
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The deal compensates water providers for pollution with per- and polyfluorinated substances, known collectively as PFAS — a broad class of chemicals used in nonstick, water- and grease-resistant products such as clothing and cookware.
3M developed the product in the 60s
3M has sold this for 50 years.
3M annual revenue for 2023 was $32.681B
This settlement is just a cost of doing business.
Use net and you’ll be more believable. Revenue doesn’t reflect how much they made in profit accurately.
Net income: $5.79B for 1 year, 2022 (source: Wikipedia)
Net profits from 50 years of selling product: unknown
Fine payout: $0.88B per year (rough average for 13 years, ignoring inflation)
Medical and environment clean-up costs of the affected, their offspring, and environment for the last 50 years, and next 50 years: unknown