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

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3M Co on Tuesday disclosed plans to spin off its healthcare business into a listed company, joining a raft of U.S. manufacturers looking to simplify their business and boost investor returns.

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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