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3M explores $3.5 billion sale of food safety unit - Bloomberg News

·1 min read
The 3M Global Headquarters in Maplewood, Minnesota
The 3M Global Headquarters in Maplewood, Minnesota

(Reuters) - Industrial conglomerate 3M Co <MMM.N> is working with advisers on the sale of its food safety business, Bloomberg News reported https://www.bloomberg.com/news/articles/2020-09-22/3m-said-to-explore-3-5-billion-sale-of-food-safety-division?srnd=premium on Tuesday, citing people with knowledge of the matter.

The unit, which makes products for pathogen testing and allergen detection, could fetch about $3.5 billion (£2.75 billion), the report said.

3M said it does not comment on rumors 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% so far this year.

(Reporting by Sanjana Shivdas in Bengaluru; Editing by Aditya Soni)