As per reports, 3M Co (MMM) is to exit its Neoplast and Neobun brands in Thailand and some other Southeast Asian countries and sell manufacturing assets at its Ladlumkaew plant, as part of its strategic portfolio management.
The brands and the assets from its Thailand-based Ladlumkaew plant will be sold to Selic Corp PCL, the terms of the deal were not disclosed, however, 3M informed there will be no material impact on its financial results.
Neoplast makes surgical tapes, dressings, and first aid bandages, while Neobun makes menthol plasters for muscle pain. 3M also said its plan to sell the Ladlumkaew plant will impact about 250 employees in the country, and the affected employees will be eligible for outplacement assistance and severance.
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