MAPLEWOOD, Minn. — 1 of Minnesota’s greatest companies introduced Tuesday it will split into two multibillion dollar firms.
On Tuesday, Maplewood-based mostly 3M reported it will “spin off” its wellness care business enterprise, which the enterprise reported totaled $8.6 billion in gross sales in 2021.
“The New 3M will stay a major world materials science innovator serving clients throughout a array of industrial and shopper stop marketplaces,” 3M claimed in a assertion, “and Health and fitness Care will be a foremost world diversified healthcare know-how enterprise focused on wound care, healthcare IT, oral treatment, and biopharma filtration.”
The “New 3M” aspect of the business accounted for practically $27 billion in product sales very last year, the firm explained. 3M reported functioning as standalone businesses will let each unit “to superior place for extensive phrase results.”
“The choice to spin off our well being care business enterprise will outcome in two nicely-capitalized, planet-class corporations, perfectly positioned to go after their respective priorities,” 3M chairman and CEO Mike Roman reported.
The split is expected to be accomplished by the stop of 2023, pending acceptance from the board of directors and federal officers.