3M Co (MMM.N) said the industrial giant plans to spin off its healthcare business and will retain a stake of 19.9% in the unit.
The company said the business, which brought in $8.6 billion in sales in 2021; will focus on wound care, oral care and healthcare technology. It expects to complete the transaction by end of 2023.
The diversified manufacturer reported a fall in second-quarter adjusted profit as COVID-19 lockdowns; in China impacted the company’s manufacturing operations in the country. 3M’s adjusted profit fell to $2.48 per share from $2.75 per share a year earlier.