Another announcement from CEO just today
How many people affected by this move?
17 replies (most recent on top)
So let me seek to understand this correctly. Contaminate the world, lie about it for decades, and say its an "opportunity to lead" only when you are forced into addressing the very issue you caused?
They should keep Monish locked up somewhere in 3M, if they are expecting Healthcare to be the golden safe haven for 3M's cash. No point putting that guy in there, and making Healthcare even less desirable than 3M.
This move was intended to extend Mikey for another two years with financial excuses. Monish is salivating over being CEO of HC business. A lot of costs, as some have mentioned here, can easily be lumped into this 2 billion or so impairment. Smart move by bean counters for sure. The lower employees at the plants are being offered up to wall street as human financial sacrifices.
Mikey will be around now probably until YE24. Monish joins the HC spin sometime earlier in 2024. Tire man will still be around in whatever new organization they create for him, at least until Mikey exits with a platinum parachute.
Nice that these head honchos are so concerned about the rest of the worker bees. Mikey will probably win a CEO of the year award for exiting PFAS because it shows his "integrity" which is one of 3Ms core values.
Will deposed 3M employees be able to walk back their under-oath statements that plaintiff attorneys are now salivating over (and using as mass tort training materials)?
https://mtmp.com/wp-content/uploads/2022/10/Thurs_3.30pm_TS_Deposition-Tactics-You-Must-Know_Ned-Williams.pdf
Also asking for a friend.
So will 3M amend the congressional testimony made by an EVP under oath on Sept 10, 2019 regarding this topic? Asking for a friend...
Looks like TEBG will be badly impacted
AdMD and EMSD gonna suffer big sales drop from all these products exit
AdMD polymers and elastomers. I think major sites this affects are Cordova, Decatur and Antwerp. To a lesser extent Cottage Grove.
Seemed to me like they downplayed the “indirect products” or whatever they called them (where PFAS chemistry isn’t the product itself). There’s a huge amount of tapes in the company that rely on PFAS release liners. This spans all BGs and although there’s some programs in place to replace PFAS, I think there’s a ton of technical work to be done. With the current state of affairs it’s hard for me to picture 3M accomplishing this without bleeding market share to competitors due to performance or cost issues with the switch.
I could see Antwerp closing.
This affects Decatur AL immensely.
Electronic surfactants, floroelastomers,
Probably a few hundred jobs.
What are the divisions or commodities that would be shutdown as a result of this announcement?
It was mentioned in the announcement for Fluids under EMSD? Any others?
Remember that the massive CAE2 lawsuits also started after 3M stopped producing the defective earplugs
I think this move will trigger more law suits. No matter what CEO tells to employees at court the parties suing have a case. Why 3M discontinue PFAS if it didn't pollute enviornment?
Should have been implemented decades ago. Good decision, only 10 to 12 years late though! The damage has already been done.
It's amazing only the lower level employees affected by this. What about the leaders who approved this invention. John Banovetz like people need to resign instead of coming CEO huddle and explain why they discontinue this disgeaceful product.
Finally … PFAS is a disgraceful poison and no longer a viable source of revenue. Good riddance. ☠️
Find jobs internally? LOL
After years of BS indoctrination the warden at the 3M reeducation camp says you can leave “P Block”, and you want to stay?
Get out while you can AND never look back…
A lot of jobs to be cut at Garbage Grove site just south of 3M Center. Maybe this was why the company starting cutting more jobs last week at the site.
The impairment cost announced likely means another 500 jobs to be whacked along with shutting down and tearing down more assets.
Hope people can find jobs internally.