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3M explores US$3.5 billion sale of food safety unit: Report

3M explores US$3.5 billion sale of food safety unit: Report

FILE PHOTO: The 3M logo is seen at its global headquarters in Maplewood, Minnesota, U.S. on March 4, 2020. REUTERS/Nicholas Pfosi

NEW YORK: Industrial conglomerate 3M Co is working with advisers on the sale of its food safety business, Bloomberg News reported on Tuesday (Sep 22), citing people with knowledge of the matter.

The unit, which makes products for pathogen testing and allergen detection, could fetch about US$3.5 billion, the report said.

3M said it does not comment on rumours or speculation.

The company missed Wall Street estimates for second-quarter profit and revenue in July as demand across its business units plunged due to the coronavirus crisis.

Its shares have fallen about 8 per cent so far this year.

Source: Reuters

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