3M said it will pay Minnesota $850 million to settle a suit in which the state alleged that the company polluted water in the Twin Cities East Metro region with perfluorochemicals (PFCs).
The money will be used for a fund to reduce PFCs as well as promoting water quality and sustainability in the region, the company said Tuesday in a press release. Projects will include fishing piers, trails and open space preservation, according to 3M.
“While we do not believe there is a PFC-related public health issue, 3M will work with the state on these important projects,” John Banovetz, chief technology officer, said in the press release.
The company employs 16,000 employees in Minnesota.
As a result of this settlement, 3M will record a first-quarter charge of $1.10 to $1.15 per share including legal fees.
The stock of 3M declined Wednesday, paring its gain this year to 27%.