3M to spin off Health Care business

3M has announced that it intends to spin off its Health Care business, resulting in two public companies.

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The New 3M, with US$26.8 billion in sales in 2021, will remain a global material science innovator serving customers across a range of industrial and consumer end markets, while the standalone Health Care business, with 2021 sales of approximately US$8.61 billion, will be a global diversified healthcare technology company focused on wound care, healthcare IT, oral care, and biopharma filtration.

"The decision to spin off our Health Care business will result in two well-capitalized, world-class companies, well positioned to pursue their respective priorities," said 3M chairman and CEO Mike Roman.

The transaction is expected to be completed by year-end 2023.