UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: August 21, 2003
(Date of earliest event reported)
3M COMPANY
(Exact name of registrant as specified in its charter)
File No. 1-3285
(Commission File Number)
Delaware 41-0417775
(State of incorporation) (I.R.S. Employer
Identification Number)
3M Center 55144-1000
St. Paul, Minnesota (Zip Code)
(Address of principal executive offices)
Registrant's telephone, including area code:
(651) 733-1110
ITEM 5. OTHER EVENTS.
3M WINS MAJOR INSURANCE RULING
St. Paul, MN - Aug. 21, 2003 - The Minnesota Supreme Court ruled in
favor of 3M today in litigation with its insurers over insurance coverage for
breast implant claims. The court's ruling confirms insurance coverage owed to 3M
by 29 insurers remaining in the case and holds that these insurers are liable up
to the limits of their respective policies. This ruling
essentially concludes the eight-year litigation between 3M and these insurers.
Subsequent proceedings to effectuate today's ruling are expected.
"We're very pleased by the court's decision today requiring insurers to
provide the insurance benefits purchased by 3M," said Richard Ziegler, senior
vice president, Legal Affairs and General Counsel. "This ruling is good not only
for 3M, but for all policyholders because it reaffirms insurers' responsibility
to meet their coverage obligations."
3M expects to collect approximately $250 million from these insurers as
a result of this decision. This event will not impact 3M's earnings as the
amount received will offset a portion of a previously recorded receivable.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements that reflect current views
and estimates of 3M's management of future economic circumstances, industry
conditions, company performance and financial results. The statements are based
on many assumptions and factors, such as legal proceedings, as described in the
Company's Annual Report on Form 10-K for the year ended December 31, 2002, and
in its subsequent periodic reports on Forms 10-Q. Any changes in such
assumptions or factors could produce significantly different results.
ABOUT 3M - A GLOBAL, DIVERSIFIED TECHNOLOGY COMPANY
Every day, 3M people find new ways to make amazing things happen. Wherever they
are, whatever they do, the company's customers know they can rely on 3M to help
make their lives better. 3M's brands include icons such as Scotch, Post-it,
Scotchgard, Thinsulate, Scotch-Brite, Filtrete, Dyneon and O-Cel-O. Serving
customers in more than 200 countries around the world, the company's 70,000
people use their expertise, technologies and global strength to lead in major
markets including consumer and office; display and graphics; electronics and
telecommunications; safety, security and protection services; health care;
industrial and transportation.
Scotch, Post-it, Scotchgard, Thinsulate, Scotch-Brite, Filtrete, Dyneon and
O-Cel-O are trademarks of 3M Company.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
3M COMPANY
By: /s/ Gregg M. Larson
-------------------
Gregg M. Larson,
Secretary
Dated: August 21, 2003