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3M to spin off health care business

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WELL POSITIONED: The company expects the transition to be completed by year-end 2023.

3M announced Tuesday that it will spin off its health care business into a separate publicly traded company.

"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,"The new company will focus on wound care, health care IT, oral care and biopharma filtration. The logo of 3M is seen at the 3M Tilloy plant in Tilloy-Lez-Cambrai, France, August 18, 2019.19.9% stake in the new company.

A 3M logo is seen atop a Versaflo TR-300+ powered air purifying respirator hood as Nurse Evan Brost puts on personal protective equipment before entering a patient room in a wing housing coronavirus disease patients at UW Health Univ3M's announcement coincided with the release of its quarterly earnings report Tuesday. The company's second-quarter adjusted profit fell to $2.48 per share from $2.75 per share a year earlier, however, beat analysts' average estimate of $2.42 per share.

 

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