3M
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US multinational conglomerate 3M said that its board has approved the planned spin-off of its health care business, which will be known as Solventum Corporation. The company, active in the fields of industry, worker safety, healthcare, and consumer goods, is anticipated to spin off from 3M on April 1, 2024, and has applied to list on the New York Stock Exchange as "SOLV. "According to the company, Holders of 3M common stock will be entitled to receive one share of Solventum common stock for every four shares of 3M common stock held at the close of business on March 18, 2024, the record date fo...
DPA Breaking News
New York (AFP) - Manufacturing giant 3M said Tuesday it has reached a $6 billion settlement over claims by US military veterans that its earplugs were faulty and failed to protect their hearing. The company is hoping the agreement draws a line under the long-running legal saga, which has seen the company hit by thousands of lawsuits by veterans complaining of hearing loss. The mediated agreement will see 3M "contribute a total amount of $6.0 billion between 2023 and 2029, which is structured under the agreement to include $5.0 billion in cash and $1.0 billion in 3M common stock," 3M said in a...
AFP
Key Points 3M stock has likely found its bottom just as the underlying industry shows signs of improvement and upcoming demand for the second half 2023.Financial performance improved significantly in the company; these adjusted figures suggest that the earnings power for the past quarter was as strong as ever, adding momentum to an undervaluation thesis.Future implications of lawsuit payments can dismiss any investor fears surrounding the safety of the company’s dividend payouts, further suggesting that there is much more value to be had in this company.5 stocks we like better than 3MThere are...
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New York (AFP) - US industrial giant 3M announced Tuesday it will phase out production of so-called "forever chemical" PFAS in light of tightening regulation connected to harmful health effects from their use. 3M will exit polyfluoroalkyl substances (PFAS) manufacturing by the end of 2025 and discontinue use across its product portfolio under the same timeframe, moves that are expected to result in pre-tax costs of $1.3 to $2.3 billion. Known for the lengthy amount of time required before they break down and widely employed in Teflon and other goods, PFAS are man-made chemicals produced since ...
AFP
Washington (AFP) - The US group 3M, which among other things manufactures anti-Covid protective face masks, said Tuesday it will pay $99 million to settle complaints related to health and the environment. "3M has reached a collaborative agreement to resolve ongoing litigation and negotiations related to per- and polyfluoroalkyl substances (PFAS) near 3M's Decatur, Alabama facility," the company said in a statement. Lawsuits had been filed against 3M in three US states - Alabama, Illinois and Minnesota - as well as in Germany and Belgium, charging that its products contain potentially harmful ...
AFP
Commenting on 3M and Raytheon’s earnings report and today’s trading so far, Gorilla Trades strategist Ken Berman said: Q4 2020 hedge fund letters, conferences and more 3M And Raytheon's Earnings Boost The Struggling Industrial SectorThe major indices are mixed and flat at midday despite a bullish start to the session on Wall Street. Stocks turned choppy ahead of tomorrow’s Fed announcements and a slew of crucial tech earnings, with investors digesting the rumors suggesting that a smaller, more targeted stimulus package could be in the works. Johnson & Johnson's (JNJ, +2.9%) upbeat earnings rep...
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