Shares of industrial conglomerate 3M (NYSE: MMM) were trading down by 2.6% as of 2:03 p.m. ET Friday. According to the Financial Times, Bert Flossbach, the asset manager's co-founder, wrote to 3M's management to express his increasing concern about how the company is being run. As quoted in the FT article, Flossbach noted that it was "increasingly hard to take confidence in your still positive statements regarding the underlying health of 3M."
Current and former U.S. military members suing 3M over allegedly defective military earplugs have asked a U.S. judge to dismiss 3M subsidiary Aearo Technologies' bankruptcy, accusing the company of using bankruptcy to shield itself from litigation, which has grown into the largest mass tort in U.S. history. The servicemembers' group said late on Thursday that Aearo's Chapter 11 bankruptcy should face the same fate as the bankruptcy of a Johnson & Johnson-created subsidiary, which was used to settle lawsuits alleging J&J baby powder and other talc products caused cancer.
Notable business headlines include Kohl’s interim CEO Tom Kingsbury taking on a permanent role, Flossbach Von Storch slamming 3M, and Twitter offering ad packages ahead of the Super Bowl.