Date: Sat, 27 May 2000 13:57:07 -0700
Reply-To: Bill Davidson <wdavidson@THEGRID.NET>
Sender: Vanagon Mailing List <vanagon@gerry.vanagon.com>
From: Bill Davidson <wdavidson@THEGRID.NET>
Subject: Scotchguard Toxic?
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Before you run out an buy the last of the Scotch Guard stock (which will
undoubtedly be on sale soon).... and begin to spray your seats, carpet,
awning, etc. (and breathe the fumes while you do it)....
You may want to read the following article from the Wall Street Journal.
(If anyone knows how to remove the stuff from my seats please let me know.)
Scotchgard Line
Of 3M to End
Most Products
By Mark Tatge
05/17/2000
The Wall Street Journal
Page B12
(Copyright (c) 2000, Dow Jones & Company, Inc.)
Minnesota Mining & Manufacturing Co. said it will stop making and selling
most of its popular Scotchgard products because of mounting research showing
that a chemical ingredient lingers for years in the environment and the
human body.
The St. Paul, Minn., company said that all studies of the ingredient --
called perfluorooctanyl -- indicate that it poses no health risk at the
levels found in its products.
But perfluorooctanyl belongs to the fluorocarbon family of chemicals, and at
least one study has indicated that fluorocarbons can disrupt cell activity
in a way that could raise the risk of cancer. In a study commissioned by 3M,
Stanford University researcher Craig S. Criddle didn't examine
perfluorooctanyl. But he says the fluorocarbons he studied are similar
enough to perfluorooctanyl to warrant caution about that chemical as well.
3M officials said that any health concerns raised in Dr. Criddle's study,
published in 1997, had nothing to do with the decision to stop making
perfluorooctanyl. 3M said it faces no litigation over the chemical.
Although 3M has made and tested perfluorooctanyl for years, it said that
"sophisticated testing capabilities -- some developed in only the last few
years -- show that this persistent compound . . . can be detected broadly at
extremely low levels in the environment and in people."
The products that 3M is discontinuing account for about 2%, or $320 million,
of its $16 billion in sales. Many belong to the Scotchgard line, which is a
chemical coating applied to carpet and other fabrics to increase water
repellency and soil resistance. The phaseout also includes coatings used for
oil and grease resistance on paper packaging. 3M said it will continue to
sell stain removers under the Scotchgard name.
3M said the discontinuation of those products would affect about 1,500 jobs.
3M, which employs about 71,000 people, said it would find other jobs for
those 1,500 workers.
The manufacturer said it will take a $200 million charge against earnings
this year. Excluding that charge, 3M said it plans to meet analysts'
earnings expectations of $4.69 per share for full year 2000.
For full-year 1999, income rose to $1.71 billion, or $4.21 a share, from
$1.53 billion, or $3.74 share, a 12% gain after factoring out one-time gains
and charges.
For 2001, the company said it expects to exceed current analysts' estimates
for earnings of $5.21 a share.
That helped lift the price of 3M stock, which in 4 p.m. New York Stock
Exchange composite trading rose $4.125, or 4.8%, to $90.0625.