3M is planning to spin off its health care divisions as a standalone company focused on wound care, oral care, health care information technology, and biopharma filtration, the Minnesota-based conglomerate announced on 26 July.
3M Plans To Spin Off Health Care Business By The End Of 2023
The company’s health businesses include product lines worth nearly $9bn in annual sales. The deal is designed to allow both the new health care company and the “new 3M” to focus resources more efficiently on their separate priorities.
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