3M announced the completion of the sale of specific assets from its dental local anesthetic portfolio in Seefeld, Germany, to Pierrel S.p.A., a global pharmaceutical industry services provider. The purchase price for these assets was $70 million, subject to closing and other adjustments.
These local anesthetic products were primarily sold in Europe and Asia and included brands like Ubistesin, Xylestesin, and Mepivastesin, along with related syringe and needle products. These products were previously part of 3M’s oral care solutions division in the dental materials business.
As part of its strategic portfolio management, 3M made the decision to discontinue these products and instead focus on investments that utilize its Health Care business’ core Oral Care technologies.
3M still retains ownership of its Seefeld facility and operations, which continue to support 3M’s oral care business.
Although these local anesthetic products achieved approximately $30 million in annual sales in 2022, their ongoing operations did not have a significant impact on 3M’s financial results.
In the third quarter of 2023, 3M anticipates recording a gain related to the divestiture of this business. This gain will be reflected as an adjustment when determining the results, adjusted for special items.
Forward-Looking Statements
This news 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, geopolitical, capital markets and other external conditions and other factors beyond the company’s control, including inflation, recession, military conflicts, natural and other disasters or climate change affecting the operations of the company or its customers and suppliers; (2) risks related to unexpected events such as the public health crises associated with the coronavirus (COVID-19) global pandemic; (3) foreign currency exchange rates and fluctuations in those rates; (4) risks related to certain fluorochemicals, including liabilities related to claims, lawsuits, and government regulatory proceedings concerning various PFAS-related products and chemistries, as well as risks related to the company’s plans to exit PFAS manufacturing and discontinue use of PFAS across its product portfolio; (5) risks related to the proposed class-action settlement to resolve claims by public water systems in the United States regarding PFAS; (6) 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, 2022 and any subsequent quarterly reports on Form 10-Q (the “Reports”); (7) competitive conditions and customer preferences; (8) the timing and market acceptance of new product and service offerings; (9) the availability and cost of purchased components, compounds, raw materials and energy due to shortages, increased demand and wages, supply chain interruptions, or natural or other disasters; (10) 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; (11) the impact of acquisitions, strategic alliances, divestitures, and other strategic events resulting from portfolio management actions and other evolving business strategies; (12) operational execution, including the extent to which the company can realize the benefits of planned productivity improvements, as well as the impact of organizational restructuring activities; (13) financial market risks that may affect the company’s funding obligations under defined benefit pension and postretirement plans; (14) the company’s credit ratings and its cost of capital; (15) tax-related external conditions, including changes in tax rates, laws or regulations; (16) matters relating to the proposed spin-off of the company’s Health Care business; and (17) matters relating to the voluntary chapter 11 proceedings of the company’s subsidiary Aearo Technologies and certain of its affiliates.
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). The company assumes no obligation to update any forward-looking statements discussed herein as a result of new information or future events or developments.
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