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3M will spin off its health care business right into a recent public company

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3M announced Tuesday that it’s going to spin off its health care business right into a separate publicly traded company.

The brand new business will concentrate on wound and oral care, healthcare IT and biopharma filtration, the fabric science company said in a release. That features products like its bandages, skin adhesives, oral aligners, air purifiers and optical lenses.

3M health care products recorded greater than $8 billion in sales in 2021. The transaction is predicted to be accomplished by the tip of next yr, and 3M will maintain a 19.9% stake in the brand new company.

The announcement comes alongside 3M’s second-quarter earnings report. The corporate posted adjusted earnings per share of $2.48 on revenue of $8.7 billion, surpassing analyst expectations of $2.42 per share and revenue of $8.58 billion, in accordance with Refinitiv consensus estimates.

Shares of the corporate were up about 4% premarket.

3M is concurrently spinning off its food safety business. That branch will merge with Neogen and is predicted to be divested by September.

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