3M (NYSE:MMM) stock is getting a boost on Friday after the company reached a settlement in its “forever chemicals” lawsuit.
With this agreement, 3M has agreed to payout $12.5 billion in settlements to cover a plethora of lawsuits concerning “forever chemicals.” These chemicals found their way into waterways around the U.S. due to their use in the company’s firefighting foam. That resulted in lawsuits from more than 300 communities.
PFAS chemicals — the type of chemicals at the center of the lawsuit — have been getting more attention lately. They’ve previously been found in several products, but companies are quickly removing them in an effort to cut off litigation.
Mike Roman, Chairman and CEO of 3M, said the following about the lawsuit settlement:
“This is an important step forward for 3M, which builds on our actions that include our announced exit of PFOA and PFOS manufacturing more than 20 years ago, our more recent investments in state-of-the-art water filtration technology in our chemical manufacturing operations, and our announcement that we will exit all PFAS manufacturing by the end of 2025.”
MMM Stock Reaction Today
MMM stock investors are celebrating the lawsuit settlement today as the company’s shares head higher. As of this writing, about 2 million shares have changed hands. The company’s daily average trading volume is about 3.4 million shares.
MMM stock is up 1.3% as of Friday morning but still down 17.1% since the start of the year.
Investors searching for more of the latest stock market news on Friday are in luck!
We have all of the most recent stock market coverage that traders need to know about today! That includes what’s happening with shares of Carmax (NYSE:KMX), Virgin Galactic (NYSE:SPCE) and C3.ai (NYSE:AI) stock today. You can find out more on these matters at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
