3M plans to spin off healthcare business

3M recently announced that it intends to spin off its healthcare busine.

The move comes after another.

Mike Roman, Chairman and Chief Executive Officer of 3M, said: "Our management team and Board of Directors continually evaluate the strategic options that will best drive long-term sustainable growth and val.

3M said the two companies will have separate boards and management teams composed of world-class leaders with relevant expertise and a track record of driving value creati.

With sales of $28 billion in 2021, the new 3M Company said it will continue to leverage its unique differentiated innovations that align with key global megatrends such as electronics, security, mobility, digital, home improvement and sustainabili.

Health Care reported about $6 billion in sales in 202 (This figure includes Food Safety, which has sales of about $400 million and is expected to no longer be part of Nutraceuticals after it is divested by Se.

Health Care is currently expected to be divested at a net leverage of approximately 0 to 5 times EBITDA and is positioned to deleverage rapid.

The transaction is expected to close by the end of 2023, subject to customary conditio.