3M is also awaiting approval of its $10.3 billion settlement over so-called forever chemicals.
Capstone estimates 3M's total PFAS liability risk is nearly $30 billion, beyond the existing settlements.
The industrial giant is also planning to spin off its high-performing health-care business by the end of 2023 or early 2024. JPMorgan analyst Stephen Tusa expects that transaction to bring in $7 billion to $9 billion in cash flows for 3M.
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