3M Co. (MMM)

3M Company (NYSE: MMM) is going through one of the most significant transformations in its corporate history. After operating as a diversified industrial conglomerate for more than 120 years, 3M spun off its healthcare/medtech business as a separate company called Solventum in April 2024. This was not just a routine restructuring — it is central to the “de-risking and simplification” narrative that the new management is trying to sell to investors.

An important point to understand: 3M retained almost all litigation liabilities related to PFAS (“forever chemicals”) and the Combat Arms earplug lawsuits, while Solventum took the faster-growing medtech portion of the business. This means the 3M that remains today is a “core” industrial business still carrying the weight of legacy litigation, with part of the growth narrative having split off together with Solventum.

Post-Separation Business Structure (3 Segments, FY2025 Data)

Safety & Industrial is now the company’s main growth engine, while the Consumer segment (products like Post-it and Scotch tape) is the slowest-growing of the three segments.

Two Major Litigations — Settlement Status

• PFAS (“forever chemicals”) water contamination: Settlement worth $10.3-12.5 billion with public water systems, paid out over 13 years. Phase 2 deadlines fall in 2026 (testing March 31, action fund July 31, special needs August 1). IMPORTANT: this does not cover all risk — there are still roughly 15,232 individual personal-injury lawsuits pending in the MDL (multidistrict litigation) as of May 2026. This is an ongoing tail risk, separate from the public utility settlement.
• Combat Arms earplugs (US military hearing loss/tinnitus): $6 billion settlement ($5B cash + $1B 3M stock) — MDL 2885 now shows 0 pending lawsuits (resolved at the claims stage). $3.1 billion had been distributed by January 2026, with another $800 million due before September 15, 2026. There is a separate dispute with 5 insurance companies over $370 million in defense costs — this is an asset/reimbursement dispute, not a new liability.

Management

Bill Brown took over as 3M’s Chief Executive Officer (CEO) on May 1, 2024, and was appointed Chairman of the Board on March 1, 2025. He is not a 3M “insider” — previously he was Chairman & CEO of L3Harris Technologies (an aerospace & defense company), and before that, Harris Corporation. His aerospace/defense background (rather than traditional consumer/manufacturing industries) is part of the management-transformation narrative 3M is trying to bring in.

Shariah Compliance Status

Based on a Zoya review (a US stock Shariah-screening reference), MMM is listed as SHARIAH COMPLIANT. Sector: Industrials / Diversified Industrials.

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