3M Co. said Wednesday that 3M Belgium has reached an agreement with the Flemish Government to invest more than EUR571 million ($582.4 million) to carry out PFAS-related remedial actions. Shares of the consumer, industrial and health care products company slipped 0.6% in premarket trading. As part of the agreement, 3M Belgium will pay EUR100 million to be used in the Flemish Government’s discretion in connection with any PFAS (perfluoroalkyl and polyfluoroalkyl substances), also known as forever chemicals, released from the 3M Belgium’s facility. The agreement also includes a EUR250 million commitment from 3M Belgium to identify priority remedial actions, which is up from EUR150 million previously agreed on in March. 3M said it expects to record a charge in the second quarter for the agreement. 3M’s stock has dropped 27.3% year to date through Tuesday, while the Dow Jones Industrial Average has shed 14.8%.
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