3M will split its healthcare business into a new public company

15:00 It announced Tuesday that it will separate its healthcare business into a separate publicly traded company.

The new business will focus on wound and oral care, healthcare information technology and biopharmaceutical filtration, a materials science company He said in a statement. This includes products such as bandages, skin adhesives, orthotics, air purifiers, and optical lenses.

The company’s healthcare products also include the Bair Hugger Surgical Warming System, which is Currently the subject of nearly 6000 lawsuits. 3M confirms that the product has nothing to do with infection at the surgical site.

3M Healthcare Products recorded sales of more than $8 billion in 2021. The transaction is expected to be completed by the end of next year, and 3M will retain a 19.9% ​​stake in the new company.

This announcement comes alongside 3M’s second-quarter earnings report. The company reported adjusted earnings per share of $2.48 on revenue of $8.7 billion, topping analysts’ expectations of $2.42 per share on revenue of $8.58 billion, Refinitiv estimates.

The company’s shares rose 5% in morning trading.

3M simultaneously spins its food safety business. This branch will merge with Neogen Liquidation is expected to be completed by September.

– Reuters contributed to this report.

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