3M to spend over $160 million for Belgium plant remediation

3M (MMM) has a current dividend yield of 3.91% and is rated as “Safe” by SimplySafeDividends. I hold MMM in my Low & Medium Yield Portfolios. In total MMMis 1.1% of my portfolio.

The St. Paul, Minn., manufacturing conglomerate said the investment is aimed at advancing remedial actions for the Zwijndrecht community near the city of Antwerp to address legacy manufacturing and disposal of perfluoroalkyl and polyfluoroalkyl substances, or PFAS.

PFAS are commonly called “forever chemicals” because they take so long to break down. The toxic family of chemicals has made its way into drinking water and food supplies around the world through a range of sources, including industrial operations, food packaging and firefighting foam.

3M last year idled some production at the Zwijndrecht plant after the Flemish environmental agency issued a safety measure barring emissions of the toxic chemicals from the facility. The company had appealed the decision, but Belgian authorities earlier this month rejected the appeal and finalized stricter PFAS pollution standards, keeping the plant partially idled.

3M to Invest More Than $160 Million in Belgium Plant Remediation >MMM – MarketWatch