ST. PAUL, Minn., June 30, 2022 /PRNewswire/ -- 3M (NYSE: MMM) has entered into an agreement to
sell its rights to the Neoplast™ and Neobun™ brands and related
assets in Thailand and certain
other Southeast Asia countries,
including the manufacturing assets of its Ladlumkaew,
Thailand, facility to Selic Corp
Public Company Limited (Selic), a company focusing on bonding
innovation serving various industries.
Neoplast and Neobun products, sold primarily in Thailand and Southeast Asia, are part of the Skin Health
& Wellness business in 3M's Consumer Health & Safety
Division. The portfolios include sports and medical tapes, bandages
and medicated products for the consumer and health care
industry.
As part of ongoing strategic portfolio management, 3M has decided to exit these brands and
prioritize other areas within its Consumer Health & Safety
Division (CHSD).
"3M continues to relentlessly
prioritize investments that leverage 3M's technologies in advanced
wound care solutions under the Nexcare™ brand in skin health and
wellness for the consumer," said Megan
Selby, President, 3M CHSD. "We
will continue to invest in health and safety for our Asia customers and those around the
world."
3M previously announced that it
would discontinue all manufacturing in the Ladlumkaew plant and
close the facility by the end of August
2022. This will impact approximately 250 3M Thailand
employees who are eligible for severance and outplacement
assistance.
Selic has indicated that it intends to establish operations at
the facility, including employment of interested site employees, to
scale up production of Neoplast and Neobun brands and further
product development for its medical device business.
The sale is expected to be completed in the fourth quarter of
2022.
The sale will not have a material impact on 3M's financial
results.
Forward-Looking Statements
This press 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 and other external conditions and other factors
beyond the Company's control, including natural and other disasters
or climate change affecting the operations of the Company or its
customers and suppliers; (2) risks related to public health crises
such as the global pandemic associated with the coronavirus
(COVID-19); (3) foreign currency exchange rates and fluctuations in
those rates; (4) liabilities related to certain fluorochemicals,
including lawsuits concerning various PFAS-related products and
chemistries, and claims and governmental regulatory proceedings and
inquiries related to PFAS in a variety of jurisdictions; (5) 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, 2021,
and any subsequent quarterly reports on Form 10-Q (the "Reports");
(6) competitive conditions and customer preferences; (7) the timing
and market acceptance of new product offerings; (8) the
availability and cost of purchased components, compounds, raw
materials, energy (including oil and natural gas and their
derivatives) and labor due to shortages, increased demand and
wages, logistics, supply chain interruptions or manufacturing site
disruption (including those caused by natural and other disasters
and other events such as government actions); (9) 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; (10) the impact of acquisitions, strategic
alliances, divestitures and other unusual events resulting from
portfolio management actions and other evolving business
strategies, and possible organizational restructuring; (11)
operational execution, including scenarios where the Company
generates fewer productivity improvements than estimated; (12)
financial market risks that may affect the Company's funding
obligations under defined benefit pension and postretirement plans;
(13) the Company's credit ratings and its cost of capital; and (14)
tax-related external conditions, including changes in tax rates,
laws or regulations. 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), as updated by
applicable Current Reports on Form 8-K. The information contained
in this press release is as of the date indicated. The Company
assumes no obligation to update any forward-looking statements
contained in this press release as a result of new information or
future events or developments.
About 3M
At 3M, we apply science in
collaborative ways to improve lives daily as our employees connect
with customers all around the world. Learn more about 3M's creative
solutions to global challenges at www.3M.com or on
Twitter @3M or @3MNews.
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