MAPLEWOOD, Minn. — One of Minnesota’s biggest companies introduced Tuesday it will split into two multibillion greenback corporations.
On Tuesday, Maplewood-based mostly 3M mentioned it will “spin off” its health care business, which the firm stated totaled $8.6 billion in sales in 2021.
“The New 3M will continue to be a primary world-wide material science innovator serving buyers across a variety of industrial and customer stop marketplaces,” 3M reported in a assertion, “and Health and fitness Care will be a foremost world diversified health care know-how enterprise centered on wound treatment, health care IT, oral treatment, and biopharma filtration.”
The “New 3M” aspect of the business accounted for virtually $27 billion in sales previous yr, the organization said. 3M claimed functioning as standalone organizations will make it possible for just about every device “to far better position for extended time period success.”
“The determination to spin off our wellbeing treatment business will result in two perfectly-capitalized, planet-class businesses, properly positioned to go after their respective priorities,” 3M chairman and CEO Mike Roman explained.
The split is anticipated to be concluded by the finish of 2023, pending approval from the board of directors and federal officials.