3M Co MMM has divested its 50% equity stake in Combi Packaging Systems, LLC, to SIAT Group, an H.I.G. Capital portfolio company and provider of case taping machinery, wrapping machinery, and strapping equipment. The financial details of the sale were not disclosed.
Combi is a U.S.-based producer and distributor of end-of-line packaging machinery and spare parts and acts as the service and warehousing provider for the 3M-Matic Case Sealing equipment brand.
The 3M-Matic brand, technologies, and portfolio are retained by 3M and will continue to be sold through approved channels worldwide. The company expects the sale not to have a material impact on its financial results.
In October, 3M reported Q3 FY23 adjusted net sales of $8.02 billion, a decline of 3% year-over-year, beating the consensus of $7.97 billion. Adjusted EPS of $2.68 beat the consensus estimate of $2.34.
The company held $5.2 billion in cash and equivalents as of September 30, 2023.
Price Action: MMM shares are trading higher by 1.90% at $106.17 on the last check Thursday.
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