CNN –
3M announced Thursday that it had reached an agreement to settle the lawsuits that toxic “forever chemicals” had contaminated the city’s water supplies United States.
The company, which makes sticky notes, duct tape and N95 masks among other industrial products, said it will pay up to $10.3 billion over 13 years to fund U.S. public water utilities that use these chemicals in the US found drinking water.
Polyfluoroalkyl and perfluoroalkyl substances (PFAS), known as “forever chemicals,” have been found in hundreds of household items, including makeup and carpeting, and are used to make water, grease and oil repellent coatings.
The settlement comes after 3M has faced thousands of lawsuits over the past two decades for manufacturing products containing PFAS. These lawsuits allege that 3M knew that PFAS caused cancer, developmental disabilities and other health problems, and that the chemicals contaminated US drinking water systems.
Last year, 3M announced it would phase out production of the controversial chemicals by the end of 2025.
3M’s proposed settlement comes just weeks after three other companies, Chemours, DuPont and Corteva, announced they would pay more than $1 billion to settle “perpetual chemicals” lawsuits.
Earlier this year, the US Environmental Protection Agency proposed national drinking water standards for PFAS chemicals based on evidence that they persist in the environment and in the human body.
3M said the billion-dollar settlement did not constitute an admission of liability. If the settlement agreement is not approved by a court, the company stands ready to continue defending itself against litigation.
“This is important progress for 3M that builds on our actions, which include our phase-out of PFOA and PFOS production, announced more than 20 years ago, as well as our recent investments in state-of-the-art water filtration technology at our chemical manufacturing facility.” our announcement that we will cease all PFAS production by the end of 2025,” said Mike Roman, 3M chairman and chief executive officer, in a statement.
3M shares rose more than 5% in after-hours trading after the company announced the settlement.