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3M Co. (MMM) Issues Response to Defense Production Act Order; Says Ceasing Exports Could Backfire

April 3, 2020 8:39 AM EDT

3M (NYSE: MMM) issued the following statement in response to the announcements issued by the White House last evening:

Over the last several weeks and months, 3M and its employees have gone above and beyond to manufacture as many N95 respirators as possible for the U.S. market. Yesterday, the Administration formally invoked the Defense Production Act (DPA) to require 3M to prioritize orders from the Federal Emergency Management Agency (FEMA) for our N95 respirators.

We have been working closely with the Administration to do exactly that, and... More