3M has announced that it will separate its healthcare business to create two publicly traded companies to pursue their growth plans.
The new 3M will be a global scientific materials company with several industrial and consumer markets, while the healthcare company will focus on wound care, healthcare and biopharmaceutical filtration.
The former had sales of $26.8 billion in 2021 while the healthcare unit posted sales of $8.6 billion.
The split is expected to be completed by the end of 2023.
3M announced the move along with the announcement of second quarter results.
Adjusted earnings fell to $2.48 per share, down from $2.75 a year ago.
Source: Capital
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