11282022Mon
Last updateSun, 27 Nov 2022 2pm
>>

3M completes sale of rights to Neoplast and Neobun brands and related assets in Thailand and certain other Southeast Asia countries

3M (NYSE: MMM) today announced that it has completed the sale of its rights to the Neoplast™ and Neobun™ brands and related assets in Thailand and certain other Southeast Asia countries to Selic Corp Public Company Limited (Selic), a company focusing on bonding innovation serving various industries. The sale included related manufacturing assets of the Ladlumkaew, Thailand, facility.

Neoplast and Neobun products, sold primarily in Thailand and Southeast Asia, were part of the Skin Health & Wellness business with 3M. The portfolios included sports and medical tapes, bandages and medicated products for the consumer and health care industry.

3M's active portfolio management strategy is focused on leveraging the strengths of 3M to create the greatest value for customers and delivering strong returns for shareholders. As part of ongoing strategic portfolio management, 3M has decided to exit these brands and prioritize other areas in the business, with a continued focus on Asia markets. Recent examples of 3M's portfolio management include the separation of the Food Safety business, the announced spin off of the Health Care business, and the acquisition of technology assets of LeanTec for the automotive aftermarket segment in the United States and Canada.

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 will not have a material impact on 3M's financial results.
www.3m.com

 

comments

Related articles

  • Latest Post

  • Most Read

  • Twitter

Who's Online

We have 6109 guests and no members online

We use cookies on our website. Some of them are essential for the operation of the site, while others help us to improve this site and the user experience (tracking cookies). You can decide for yourself whether you want to allow cookies or not. Please note that if you reject them, you may not be able to use all the functionalities of the site.