3M, an American multinational conglomerate corporation, has recently inked an agreement to sell its Neobun™ and Neoplast™ brands rights and associated holdings in some Southeast Asia countries and Thailand.
Under this agreement, its Thailand, Ladlumkaew-based facility manufacturing assets will be sold to Selic Corp Public Company Limited (Selic), a company that emphasizes connecting innovation serving various industries.
The products of Neoplast and Neobun are sold in Thailand and Southeast Asia and are part of the Skin Health and Wellness business in 3M’s Consumer Health and Safety Division.
The portfolios include medical tapes, sports, bandages and medicated products for the health and consumer care industry.
As per credible sources, 3M, part of ongoing strategic portfolio management, has decided to sell these brands and concentrate on other areas within its CHSD (Consumer Health & Safety Division).
Megan Selby, President, 3M CHSD, said that 3M constantly prefers the investments that utilize technologies of 3M in advanced wound care solutions under the brand Nexcare™ in skin wellness and health for the consumer.
The firm is also planning to constantly invest in safety and health for customers of Asia and those around the globe.
3M earlier announced that it would discontinue all its manufacturing in the Ladlumkaew plant and close the facility by August 2022.
This will impact around 250 employees of 3M in Thailand who are suitable for severance and outplacement assistance.
Selic has further indicated that it wishes to establish operations at the facility and employ interested site employees to scale up the production of Neoplast and Neobun brands and further promote product development for its medical device business.
As per credible sources, the sale is estimated to be completed in the last quarter of 2022 and will not have any material impact on the financial results of 3M.
Source Credit – https://www.prnewswire.com/news-releases/3m-to-sell-rights-to-neoplast-and-neobun-brands-and-related-assets-in-thailand-and-certain-other-southeast-asia-countries-301579335.html