3M to spin off healthcare business, earplugs unit seeks bankruptcy protection

The industrial giant also sought bankruptcy protection for its unit that makes earplugs for the U.S. military, hoping to draw a line under litigations that have weighed on its shares this year.

The plaintiffs' lead attorneys, Bryan Aylstock and Christopher Seeger, said in a statement they would fight to dismiss the bankruptcy case. It booked a pre-tax charge of $1.2 billion in the second quarter related to the funding agreement and case expenses."We view MMM's announcement to ring-fence its Combat Arms Earplugs litigation as a long-term positive ," Citi Research analyst Andrew Kaplowitz said.3M will spin off its healthcare unit - which accounted for about 25% of $35.35 billion in sales last year - into a public company.

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