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Non-Tech : 3M (MMM)
MMM 126.99+0.8%Dec 2 4:03 PM EST

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From: Glenn Petersen7/26/2022 7:26:47 AM
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3M will spin off its health care business into a new public company

Published Tue, Jul 26 20226:51 AM EDT
Updated 4 Min Ago
Jack Stebbins @jackstebbs
CNBC.com

Key Points
  • 3M announced Tuesday that it will spin off its health care business into a separate publicly traded company.
  • The new business will focus on wound and oral care, healthcare IT and biopharma filtration, the material science company said in a release.
  • The announcement comes alongside 3M's second-quarter earnings report.
3M announced Tuesday that it will spin off its health care business into a separate publicly traded company.

The new business will focus on wound and oral care, healthcare IT and biopharma filtration, the material science company said in a release. That includes products like its bandages, skin adhesives, oral aligners, air purifiers and optical lenses.

3M health care products reported more than $8 billion in sales in 2021. The transaction is expected to be completed by the end of next year.

The announcement comes alongside 3M's second-quarter earnings report. The company posted adjusted earnings per share of $2.48 on revenue of $8.7 billion, surpassing analyst expectations of $2.42 per share and revenue of $8.58 billion, according to Refinitiv consensus estimates.

Shares of the company were up about 3% premarket.

3M is simultaneously spinning off its food safety business. That branch will merge with Neogen and is expected to be divested by September.

This is breaking news. Please check back for updates.

cnbc.com
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