3M CO (MMM): restructuring charge — 3M to Exit PFAS Manufacturing by End of 2025; Expects $1.3B-$2.3B Pre-tax Charges

3M CO

Board authorized plan to exit all PFAS manufacturing by end of 2025; also to discontinue PFAS use across product portfolio.
Total pre-tax charges estimated at $1.3B to $2.3B over exit period, 70-80% non-cash.
Q4 2022 pre-tax charge of $0.7B to $1.0B primarily non-cash asset impairments.
Manufactured PFAS annual net sales ~$1.3B with ~16% EBITDA margins; results to be adjusted from 2023.
Company will facilitate orderly customer transition and continue PFAS remediation and litigation defense.

item 2.06 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

3M CO announced a impairment with charges of $0.7 billion to $1.0 billion affecting PFAS manufacturing.

Type: impairment
Charge: $0.7 billion to $1.0 billion
Affected area: PFAS manufacturing

Exact text from the filing

As a result of authorization by 3M Company’s Board of Directors on December 16, 2022 of the plan to exit per- and polyfluoroalkyl substance (PFAS) manufacturing by the end of 2025, 3M expects to incur an estimated pre-tax charge in a range of $0.7 billion to $1.0 billion in the fourth quarter of 2022, primarily non-cash and related to asset impairments. These impairments, in and of themselves, are not expected to result in material future cash expenditures.

View on SEC.gov

2 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

3M CO filing history →

Source: SEC EDGAR

accession 0000066740-22-000085

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.