By Will Feuer

3M said its up to $10.3 billion settlement with U.S. public water suppliers tied to so-called forever chemicals received final approval from the U.S. District Court in Charleston, South Carolina.

The settlement will support PFAS remediation at public water suppliers across the U.S.

3M Chief Executive Mike Roman said the approval of the settlement, along with the conglomerate's efforts to end PFAS manufacturing by 2025, will reduce risk at the company going forward.

3M has recorded an accrual of $10.3 billion for the settlement, reflecting the pre-tax present value of the expected payments over 13 years. Payments are scheduled to begin in the third quarter of this year. 3M said it is seeking recovery through insurance.

Separately, 3M's healthcare business is set to breakout and trade as its own public company on Monday. 3M spun the business off and renamed it Solventum. It is set to trade on the New York Stock Exchange under the ticker SOLV.

Write to Will Feuer at

(END) Dow Jones Newswires

04-01-24 0715ET