Industrial Conglomerate 3M Offloads Stake In Combi Packaging Systems: Details
Portfolio Pulse from Shivani Kumaresan
3M Co (NYSE:MMM) has sold its 50% stake in Combi Packaging Systems to SIAT Group, an H.I.G. Capital portfolio company. The financial details were not disclosed. Combi is a U.S.-based end-of-line packaging machinery producer. 3M retains the 3M-Matic brand and expects the sale to not materially impact its financial results. 3M reported Q3 FY23 adjusted net sales of $8.02 billion and adjusted EPS of $2.68, beating consensus estimates. The company had $5.2 billion in cash as of September 30, 2023. MMM shares are up 1.90% at $106.17.
December 14, 2023 | 4:05 pm
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NEUTRAL IMPACT
3M Co has sold its 50% stake in Combi Packaging Systems to SIAT Group. The sale is not expected to have a material impact on 3M's financial results. 3M's Q3 FY23 financial performance exceeded expectations, and the company has a strong cash position.
The divestiture of the stake in Combi Packaging Systems is not expected to materially affect 3M's financials, as stated by the company. The positive Q3 financial results and the current cash reserves suggest a stable financial position, which may reassure investors. The slight increase in stock price indicates a neutral to mildly positive market reaction.
CONFIDENCE 90
IMPORTANCE 50
RELEVANCE 80