3M Corp Stock Price, News & Analysis

3M is on track to separate its food safety business by September 1, 2022. This follows the U.S. Bankruptcy Court's decision to deny Aearo Technologies' request for a preliminary injunction in the ongoing litigation concerning Combat Arms Earplug Version 2 products. Aearo intends to appeal this ruling while continuing its Chapter 11 proceedings. 3M will vigorously defend its position in the associated multi-district litigation and appeals. The company is focusing on an efficient resolution of these challenges while proceeding with its planned business separation.

Neogen Corporation (NASDAQ: NEOG) announced that shareholders approved all proposals necessary for the combination with 3M's (NYSE: MMM) food safety business at a special meeting held on August 17, 2022. The merger is expected to finalize on September 1, 2022, pending customary closing conditions. Neogen's President and CEO, John Adent, expressed gratitude for shareholder support, highlighting anticipated growth and food security advancements. Final voting results will be filed with the SEC.

On August 12, 2022, the Board of Directors of 3M (NYSE: MMM) declared a quarterly dividend of $1.49 per share, payable on September 12, 2022, to shareholders on record as of August 22, 2022. This reflects over 100 years of uninterrupted dividend payments, showcasing the company’s commitment to returning value to shareholders. As of June 30, 2022, 3M had approximately 569.6 million shares outstanding with 64,391 shareholders. The company continues to focus on science and innovation to address global challenges.

3M Company (NYSE: MMM) has launched an exchange offer to separate its food safety business as part of a Reverse Morris Trust transaction with Neogen Corporation (NASDAQ: NEOG). 3M stockholders can exchange their shares for SpinCo common stock, which will convert to Neogen stock post-merger. The exchange provides approximately $107.53 of Neogen shares for every $100 of 3M stock tendered. The offer, which may be oversubscribed, is set to expire on August 31, 2022. Following completion, holders of SpinCo stock will own about 50.1% of Neogen's outstanding shares.

3M Health Care's Medical Solutions Division has launched two significant innovations in wound care: the 3M™ Veraflo™ Cleanse Choice Complete™ Dressing Kit and a software upgrade for the 3M™ V.A.C.® Ulta Therapy Unit. These advancements aim to simplify the administration of Veraflo Therapy, enhancing clinician efficiency and patient comfort by making dressing changes quicker and less painful. The upgraded software includes features that automate therapy initiation and improve usability, while the new dressing kit reduces the complexity of product application.

3M launches the revolutionary 3M™ On Demand Bonding System with 3M™ VHB™ Extrudable Tape, enhancing manufacturing with improved automation and sustainability. This innovative solution merges the effectiveness of traditional VHB tapes with the flexibility of liquid adhesives, allowing for easy application on various materials without the mess. The system aims to reduce waste, increase throughput, and streamline production processes. Available worldwide, this product marks a significant advancement in bonding technology, promising faster and more efficient manufacturing capabilities.

3M Company reported its Q2 2022 financial results, highlighting a significant $1.2 billion pre-tax charge due to ongoing litigation related to Combat Arms Earplugs. GAAP earnings per share were $0.14, while adjusted EPS stood at $2.48. The company experienced a 3% decline in sales, totaling $8.7 billion, influenced by a strong U.S. dollar and reduced demand from China lockdowns. Additionally, operating cash flow dropped 40% year-on-year, amounting to $1.1 billion. 3M announced adjustments to its full-year outlook, expecting total sales growth to range from -2.5% to -0.5%.

3M (NYSE: MMM) has announced plans to spin off its Health Care business, creating two separate public companies. The New 3M will focus on material science innovations, generating $26.8 billion in sales in 2021, while Health Care aims for healthcare technology leadership. The spin-off is expected to be tax-free for U.S. federal income tax purposes and completed by year-end 2023. Each entity will benefit from enhanced agility, tailored capital allocation strategies, and unique management teams. Additionally, 3M will retain a 19.9% stake in Health Care for future monetization.