ST. PAUL, Minn.,
Dec. 14,
2023 /PRNewswire/ -- 3M
today announced it has sold its fifty-percent equity stake
in Combi Packaging Systems, LLC (Combi) to SIAT Group (SIAT),
an H.I.G. Capital portfolio company and provider of case taping
machinery, wrapping machinery, and strapping equipment.
Combi is a U.S.-based producer and distributor of end-of-line
packaging machinery and spare parts, from individual case erectors
to fully integrated packaging lines with robotic packaging and
palletizing. Combi also acts as the service and warehousing
provider for the 3M-Matic™ Case
Sealing equipment brand primarily in North America. In conjunction with the sale,
3M will continue to sell 3M-Matic products.
The 3M-Matic brand, technologies,
and portfolio are retained by 3M and
will continue to be sold through approved channels worldwide. 3M's
Industrial Packaging business will leverage its more than 50 years
of case-sealing technology and expertise to further focus on
innovating next-generation packaging solutions to meet the evolving
needs of customers.
The sale will not have a material impact on 3M's financial
results.
Forward-Looking Statements
This news release contains forward-looking information about 3M's
financial results and estimates and business prospects that involve
substantial risks and uncertainties. You can identify these
statements by the use of words such as "anticipate, "estimate,"
"expect," "aim," "project," "intend," "plan," "believe," "will,"
"should," "could," "target," "forecast" and other words and terms
of similar meaning in connection with any discussion of future
operating or financial performance or business plans or prospects.
Among the factors that could cause actual results to differ
materially are the following: (1) worldwide economic, political,
regulatory, international trade, geopolitical, capital markets and
other external conditions and other factors beyond the Company's
control, including inflation, recession, military conflicts,
natural and other disasters or climate change affecting the
operations of the Company or its customers and suppliers; (2) risks
related to unexpected events such as the public health crises
associated with the coronavirus (COVID-19) global pandemic; (3)
foreign currency exchange rates and fluctuations in those rates;
(4) risks related to certain fluorochemicals, including liabilities
related to claims, lawsuits, and government regulatory proceedings
concerning various PFAS-related products and chemistries, as well
as risks related to the Company's plans to exit PFAS manufacturing
and discontinue use of PFAS across its product portfolio; (5) risks
related to the proposed class-action settlement to resolve claims
by public water systems in the United
States regarding PFAS; (6) legal proceedings, including
significant developments that could occur in the legal and
regulatory proceedings described in the Company's Annual Report on
Form 10-K for the year ended Dec. 31, 2022 and any subsequent
quarterly reports on Form 10-Q (the "Reports"); (7) competitive
conditions and customer preferences; (8) the timing and market
acceptance of new product and service offerings; (9) the
availability and cost of purchased components, compounds, raw
materials and energy due to shortages, increased demand and wages,
supply chain interruptions, or natural or other disasters; (10)
unanticipated problems or delays with the phased implementation of
a global enterprise resource planning (ERP) system, or security
breaches and other disruptions to the Company's information
technology infrastructure; (11) the impact of acquisitions,
strategic alliances, divestitures, and other strategic events
resulting from portfolio management actions and other evolving
business strategies; (12) operational execution, including the
extent to which the Company can realize the benefits of planned
productivity improvements, as well as the impact of organizational
restructuring activities; (13) financial market risks that may
affect the Company's funding obligations under defined benefit
pension and postretirement plans; (14) the Company's credit ratings
and its cost of capital; (15) tax-related external conditions,
including changes in tax rates, laws or regulations; (16) matters
relating to the proposed spin-off of the Company's Health Care
business; and (17) matters relating to Combat Arms Earplugs
("CAE"), including those relating to the voluntary chapter 11
proceedings of the Company's subsidiary Aearo Technologies and
certain of its affiliates ("Aearo Entities"), as well as those
related to the August 2023 settlement that is intended to
resolve all litigation and alleged claims
involving the CAE sold or manufactured by the Aearo Entities and/or
the Company. Changes in such assumptions or factors could produce
significantly different results. A further description of these
factors is located in the Reports under "Cautionary Note Concerning
Factors That May Affect Future Results" and "Risk Factors" in Part
I, Items 1 and 1A (Annual Report) and in Part I, Item 2 and Part
II, Item 1A (Quarterly Reports). The Company assumes no obligation
to update any forward-looking statements discussed herein as a
result of new information or future events or developments.
About 3M
3M (NYSE: MMM) believes science helps create a brighter world
for everyone. By unlocking the power of people, ideas and science
to reimagine what's possible, our global team uniquely
addresses the opportunities and challenges of our
customers, communities, and planet. Learn how we're working to
improve lives and make what's next at 3M.com/news.
Investor Contact:
Bruce Jermeland
651-733-1807
or
Diane Farrow
612-202-2449
or
Eric Herron
651-233-0043
Media contact:
Sean Lynch, slynch2@mmm.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/3m-sells-equity-stake-in-combi-packaging-systems-llc-302014888.html
SOURCE 3M Company