3M Co (MMM.N) has struck a tentative settlement of at least $10 billion with a host of U.S. cities and towns to resolve water pollution claims tied to “forever chemicals”, News reported on Friday, citing people familiar with the matter.
Shares of the company were up about 8% in afternoon trade.
In December, the U.S. industrial conglomerate set a 2025 deadline to stop producing PFAS, the “forever chemicals” used in anything from cell phones to semiconductors and that have been linked to cancers, heart problems and low birth weights.
3M did not immediately respond torequest for comment.
Other chemical companies including Chemours Co (CC.N), DuPont de Nemours Inc (DD.N) and Corteva Inc (CTVA.N) on Friday reached an agreement in principle to settle claims that they contaminated U.S. public water systems with toxic “forever chemicals” for $1.19 billion.