Fluids, fluoropolymers, Scotchgard and related products will be gone in 3 years. At about 40% margin, that's about $500M loss in profits. How will 3M make up for the loss in sales and profits? Will there be an adjustment in share prices? Or worse yet, dividend? Anybody have any insights?
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Why is everyone worried about profit and loss and not about the fact that our employer knowingly exposed us (and the rest of the world) to toxic PFAS chemicals for decades? The question isn’t IF they knew, it’s WHEN. And why they haven’t taken any action until just now to protect people.
As 3Mers, are we able to sue as a class?
People’s Republic of Minnesota government bail out.
The People's Republic of Minnesota doesn't have a surplus of $20 B. That belongs to the people not the politicians. This state has grossly overtaxed people. Check out the income tax rates. The double income 3Mers are paying 9.85 percent state income tax on any combined income above 305k and 7.85 above 174k.
Great articles right now in the Minneapolis Stat Tribune Peoples Progressive Paper. One on how the state is worried because population growth has been so anemic, because net immigration is negative. People leaving and the only ones coming in are being bussed or flown here from the border by Governors Abbott and DeSantis. Also, currently there is 1 ft or more of snow on the ground, 8 below real temp, 32 below wind chill. No wonder why 3M taxpayers are so cranky on this site.
Merry Christmas ( can we still say this?) To all. Ho ho ho.
So unfortunate but it is needed for Mother Mining to succeed. The PFAS tied in with the MM R&D are just not worth the patents anymore and as several hundred patents are over twenty years old other companies can start using the patent free of charge. Still all the flack will come Mother Minings way, looks like the largest ever cull coming over the next three years, early numbers say 5,000 to 10,000 which is crazy but ties in with the Healthcare Spinco which will take off,
🫵🏻From you, the employee
Executives will tell you it’s fair
Draconian cuts to FTE’s, pension, healthcare benefits, bonuses and raises.
Less for you means more for executives and institutional shareholders.
🎄Merry Christmas!🎁
The answer to the question is easy. Commit more criminal acts.
Not to mentioned one of the Disruptive Technology (DT) is also linked to PFAS. Productivity may be impacted once this DT is being taken away.
Secret sauce lol. 3M’s gift to the world. From recent the Chicago Tribune article:
https://www.documentcloud.org/documents/23460869-3m-cordova-dmr-data-for-pfas-2013-2022-3m-cordova-npdes-data-2013-2022
https://www.documentcloud.org/documents/23460507-2019-12-3-10-us-epa-report-on-civil-investigation-of-3m-cordova
As one affected by the most recent announcement, I’ll be starting health testing ASAP. If the government deemed them dangerous and they are no longer being produced by 2025, then I got 2 years to build my case . I’m far far from retirement, but should my long term exposure pose a serious health threat . Someone is responsible, not only will I be without a job but there are so many what ifs from this exposure that now has me questioning everything I’ve been told and exposed to on a daily basis
The secret sauce that has contaminated the world has been exposed for the danger it is.
Bingo on indirect. Up until quite recently there were divisions that were totally surprised to learn that their products were enabled by PFAS or contained PFAS in low amounts.
Looks like share price will hit below $100 even before the health care spin off. With all these lost sales.
I think you captured all the direct products.
The part I don’t trust them on is the “indirect” as Mikey boy put it, or the products that use PFAS as an enabler (aka release liners in our tapes). I’m quite confident there’s another $1B+ of sales that fall into this category. Some businesses have active programs to replace PFAS, but there is still a LOT of technical work to be done. I feel like 3M has to hit a home run just to retain the sales and between likely price increases and/or performance losses with the chemistry changes, I anticipate 3M loses some business with those indirect products.
To answer the question asked in the title:
Short answer - 3M won't make up the $1.3B in sales. It will not happen, 3M will be lucky if they only lose that many sales.
Longer answer - The $1.3B number is probably understated. Total PFAS-related sales is at least double that. Many of those products and raw materials have substitutes, some don't and will be lost sales for 3M.
Significantly impacted divisions that I'm aware of: AdMD, EMSD, HCD already listed. I'd add IATD and PSD to the list too. Almost every division will have smaller impacts, but those 5 I think will be the majority if the impact.
$1.3B in sales is around 3,600 employees at 3M's current ratio. ($360,000 in sales per employee). It is very safe to assume the total layoff number from PFAS phase-out will be thousands.
If you are in a heavy PFAS impacted plant or product line, I would spend my days updating my resume or preparing for retirement.
I work for a AdMD plant,but I don't foresee there are any recent new R&D for replacement products. It looks this decision to exit was made impromptu. There are no more experienced scientist left in the divisons as most have retired or laid off in the past few years
Fluids = EMSD
Scotchgard = HCD
Fluoropolymers = AdMD
Any other divisions impacted?
Looks like AdMD will be another division in history - vanished
Many jobs will be lost.
Dyneon was a JV between a much better run 3M and Hoeschst back in the 1990s. 3M acquired the full share in 1999. Since then, bumbling management starting with GE Uber boss McNerney have managed to destroy shareholder value in every business except for HC.
Another one bites the dust. Good luck to the survivors. Lots of career ending terminations coming soon.
Is this another failed acquisition of Dyneon?
Will cost you more in settlements if you don’t give it up
The only way out is bankruptcy. That gets rid of all past debts at a fraction of the cost. Plus drag this out over years for any BS lawsuits about PFAS and ear plugs.
Clean slate and this company still has plenty of good businesses to be a strong new company.
Sorry for those who missed the boat on lump sum pension payouts. The next payout will be down 20 percent from what you could have gotten earlier this year.
The end of the old 3M is near.
Simple. More layoffs. That's only solution our leaders have.