- 3M Co (NYSE:MMM) has agreed to sell its rights to the Neoplast and Neobun brands and related assets in Thailand and certain other Southeast Asia countries, including the manufacturing assets of its Ladlumkaew facility, to Selic Corp Public Company Limited. Financial terms not disclosed.
- Neoplast and Neobun products are part of the Skin Health & Wellness business in 3M’s Consumer Health & Safety Division.
- 3M has decided to exit these brands and prioritize other areas within its Consumer Health & Safety Division (CHSD) as part of its ongoing strategic portfolio management.
- “3M continues to relentlessly prioritize investments that leverage 3M’s technologies in advanced wound care solutions under the Nexcare™ brand in skin health and wellness for the consumer,” said Megan Selby, President, 3M CHSD.
- 3M previously disclosed that it would discontinue all manufacturing in the Ladlumkaew plant and close the facility. The move will impact approximately 250 Thailand employees.
- The sale is expected to complete in Q4 and will not have a material impact on 3M’s financial results.
- Price Action: MMM shares are trading lower by 1.11% at $127.97 on the last check Friday.
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Wells Fargo analyst Finian O'Shea maintains Trinity Capital (NASDAQ:TRIN) with a Equal-Weight and lowers the price target from $13 to $10.