3M to spin off healthcare business

[July 26, 2022]  (Reuters) -3M Co said on Tuesday the industrial giant plans to spin off its healthcare business and will retain a stake of 19.9% in the unit.

The logo of 3M is seen at the 3M Tilloy plant in Tilloy-Lez-Cambrai, France, August 18, 2019. REUTERS/Pascal Rossignol/File Photo

The company said the business, which brought in $8.6 billion in sales in 2021, will focus on wound care, oral care and healthcare technology.

It expects to complete the transaction by end of 2023.

The diversified manufacturer on Tuesday reported a fall in second-quarter adjusted profit as COVID-19 lockdowns in China impacted the company's manufacturing operations in the country.

3M's adjusted profit fell to $2.48 per share from $2.75 per share a year earlier.

(Reporting by Kannaki Deka in Bengaluru; Editing by Shinjini Ganguli)

 

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