I have no more patience to watch the decline of this company nor do I want to continue spending my time here. I don't think there is any way to stop the death spiral anymore. Or do some still think there is?
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Shouldn’t be so negative about PFAS. 3M has got this basically won already. 3M is putting forth their best experts in depositions, clearing the company’s name and shredding the plaintiff’s counsel in the process.
Actual deposition testimony from 7/24/20…
Q. And based on what you know, sir, about the persistence of PFOS, the overwhelming majority of every molecule of PFOS that's ever been manufactured by 3M is still in existence, correct?
A. That's quite likely. I like your verbiage, the overwhelming majority, that's probably correct. I don't have any actual factual data on that, but that would be my supposition, based on what I know about PFOS.
Q. Yes, sir. So based on what we know about the manufacturing and based on what we know about its persistence, it's just a matter of mathematical probability, that if we find a molecule of PFOS in the environment, particularly here in the United States, more likely than not, 3M is the source; is that fair?
A. That's more likely than not. I know that there's a company in Italy that has manufactured PFOS. There might be other people who have, but I would say just on a proportional basis it's more likely than not.
Q. It's almost certainly true on a proportional basis, just again, from a mathematical perspective, it's most certainly true that if you find a molecule of PFOS in the environment, particularly here in the United States, it's from 3M, fair?
A. That's fair, and one can look at the branching profile of it and get a good idea of that as well.
Q. And I know you probably think I'm belaboring the point, but, in your view…the source, I guess, based on mathematical probability, if we find PFOS in human br---t milk, more likely than not it's from 3M, fair?
A. Yeah. Again, as I said, I'm not going to disagree with that premise, so that's fair.
Q. Okay. And, sir, you're aware that PFOS has been detected in arctic mammals?
A. Yes, I'm certainly aware of that…
Q. And it's famously discussed that you can find PFOS in polar bear blood, correct?
A. Right, that's correct.
Q. And I know you feel like I'm belaboring the point, but there's no question in your mind that the source of PFOS in the polar
bear is from 3M, right?
A. I -- again, it's certainly more likely than not, yes.
Q. Rivers and streams, you're aware that PFOS has been detected and reported in rivers and streams?
A. Yes. Yeah, I have awareness of that, mm-hmm.
Q. And you're aware that PFOS has been detected in ocean waters, both the Atlantic and the Pacific?
A. Yes.
Q. And you're aware that PFOS has been detected in drinking water in the United States and elsewhere, correct?
A. That's correct.
Q. And you're aware that PFOS has been detected in human blood?
A. I'm aware of that, yes.
Q. You're aware that PFOS has been detected in umbilical cord blood as well, correct?
A. That's correct.
Q. It has been detected in shellfish?
A. Yes, there's a question there, yes.
Q. Has it been detected in fish?
A. Yes.
Q. It's been detected in indoor house
A. Yes.
Q. And daycare dust, right?
A. Yes, based on the paper by…, yes.
Q. And I apologize, I'm just going to make this little movie clip, and we'll move on. Has it been detected in outdoor air?
A. Yes.
Q. It's been detected in human br---t milk as well, correct, sir?
A. That's correct.
Q. And last but not least, it's been detected in polar bear blood, right?
A. As well as other arctic mammals, yes, mm-hmm.
Q. Yes, sir. And each and every one of these media all around the world…the source of PFOS is more likely than not 3M, correct?
A: …Yes, I mean, I -- other than the fact that there might be some manufacturing, I think that more likely than not, the source is 3M, yes.
Jury will gonna love this. Max out GESPP purchases now, cuz those shares are gonna hit $250 again in no time.
The death spiral seems inevitable. The die has been cast and was long ago. If it were just the military earplugs, that might be survivable. PFAS litigation is going to come fast from many different angles and there will probably be no way to stop it other than, at most, one or two more spins, and bankruptcy of what’s left. Hard to predict the timing, but there will be little semblance of 3M left. Hate to be gloom and doom because I loved what this company once was (not what it is today though), but it’s hard to see it any other way. For as bad as this senior management is (mainly MR), I think the demise may have been inevitable because of PFAS regardless of all the missteps that may have been made. Sadly, all good things come to end.
Love the comments about Kearney. What a waste of $, trying to use outside people as a crutch to make up for your lack of creativity. Stop looking inward and focus on the customer for once!
Scott safety isn't what it seems either
The earplugs came with Aearo. Scott Safety is a super recent addition.
3M bought the hearing protection problems when they acquired Scott Safety.
There may not be a way to stop the death spiral, but happenstance may work in our favor and we randomly luck our way out of it. I feel like if the company turns things around it won't be for trying but for just sheer d-mb luck. Nothing we have been doing has equated to digging us out of the holes yet, we just keep digging them.
The military guy at the expo probably wants to collaborate with 3M for hearing protection so he can get more $$ from another lawsuit settlement. Lol.
Did anyone here go to the NPE today? I was surprised at the last talk given by the military guy who wanted to collaborate with 3M for hearing protection (along with 3 other areas). As if the company isnt dealing with a huge lawsuit in that regards…. Seemed very tone def.
I was surprised to see roman in person today.
Stop spending money on Kearny consultants would be a good start. Mike Roman announcing his intended retirement and announcement for a search for new CEO would boost the stock. Start working a settlement for Combat Arms earplugs and a way to pay for it would be another.
Sadly, I think the company lost its way after McNerney arrived. Risk taking and innovation were replaced by cost cutting and monthly financial focus. True innovation is crushed by the NPI discipline which is more concerned with risk based chart filling not meeting customer needs. Vale typified this outlook. Brought a $1B new product to him and his basis for rejection was, “what if we win the business then lose it”.
I suggest you ask D.o.m.i.n.i.c from Kearney. Consultants & lawyers will suck this company dry within 3 years.
May I suggest you let the Vale entrapment case play out. Once he wins in court and is given his old job back, the shares will pop 20 bucks upward the same they did the day McNerney was hired in 2000. He will save the day.