MAPLEWOOD, Minn. — A single of Minnesota’s biggest companies introduced Tuesday it will break up into two multibillion dollar firms.
On Tuesday, Maplewood-dependent 3M reported it will “spin off” its wellness treatment company, which the firm mentioned totaled $8.6 billion in gross sales in 2021.
“The New 3M will keep on being a foremost worldwide product science innovator serving prospects throughout a range of industrial and purchaser conclude markets,” 3M said in a statement, “and Overall health Care will be a major world wide diversified healthcare engineering corporation centered on wound treatment, healthcare IT, oral treatment, and biopharma filtration.”
The “New 3M” facet of the organization accounted for almost $27 billion in gross sales past calendar year, the firm explained. 3M said working as standalone companies will allow for each and every unit “to better place for prolonged phrase accomplishment.”
“The decision to spin off our health and fitness care enterprise will end result in two properly-capitalized, environment-course firms, effectively positioned to go after their respective priorities,” 3M chairman and CEO Mike Roman said.
The break up is expected to be completed by the close of 2023, pending approval from the board of directors and federal officials.