Market Pulse

3M says report alleging U.S. seized shipment of N95 masks headed for Berlin is 'inaccurate'

3M Co. mmm+1.69% said Monday that media reports alleging a shipment of its N95 respirators was seized and diverted by U.S. authorities on Friday was "inaccurate," and has no knowledge of such a siezure. "There is no evidence to suggest 3M products have been siezed," 3M said in a statemnt. "3M has no record of any order of respirators from China for the Berlin police. We cannot speculate where this report originated." The Financial Times reported that the U.S. seized masks bound for Berlin, and that a German official had denounced the seizure as modern piracy. 3M said it has offered to help German authorities to try to determine if this false report is the result of fradulent activity. The report comes after 3M hit back after President Donald Trump criticized 3M in a tweet for sending N95 masks overseas, and invoked the Defense Production Act to cease exports to Canada and Latin America. 3M's stock rallied 4.4% in premarket trading. It has lost 24.2% year to date, while the Dow Jones Industrial Average djia-0.47% has shed 26.2%.

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