3M cutting about 2,500 manufacturing jobs globally

The company announced last month that it will exit per- and polyfluoroalkyl (PFAS) substance manufacturing by the end of 2025. The so-called forever chemicals are used in nonstick frying pans, water-repellent sports gear, stain-resistant rugs, cosmetics and countless other consumer products.

Two forever chemicals — PFOS and PFOA — were once used extensively by 3M's Decatur plant and by other local industries but were phased out in the early 2000s. High concentrations of the chemicals remain in numerous dumpsites in Morgan and Lawrence counties, as well as on 3M property and the Morgan County Regional Landfill.

It was not known Tuesday if 3M still uses any other types of PFAS at the Decatur plant. But a 2019 EPA report said the federal agency conducted an inspection of the Decatur plant in June of that year to investigate the source of discharges of two PFAS: FBSEE and FBSA.

3M Co. also reported fourth-quarter earnings of $541 million, or 98 cents per share. Its adjusted profit was $2.28 per share. That's below the $2.34 per share that analysts polled by Zacks Investment Research predicted.

Revenue for the St Paul, Minnesota-based company totaled $8.08 billion in the period, beating Wall Street's estimate of $8.04 billion.

Chairman and CEO Mike Roman said in a statement that 3M experienced rapid declines in consumer-facing markets and a significant slowdown in China due to COVID-19-related disruptions. He said the company anticipates macroeconomic challenges continuing this year.

Looking ahead to the full year, the company expects 2023 adjusted earnings per share of $8.50 to $9, versus $9.88 per share in 2022.