3M (NYSE:MMM) is planning to finance its $6.7 billion acquisition of Acelity in part with a $3.3 billion debt offering. Maplewood, Minn.-based 3M, which announced its purchase of wound care giant Acelity in May, launched a four-part bond sale yesterday. 3M expects to finance the Acelity buyout with all of the net proceeds from the […]
Judge tosses 5,000 warming-device lawsuits filed against 3M
This story has been updated with a comment from Augustine Surgical and the plaintiffs’ attorneys. A federal judge has dismissed more than 5,000 lawsuits filed against 3M (NYSE:MMM) over its Bair Hugger patient warming system. The decision follows six years of litigation over claims that the warming system was responsible for infections suffered by patients […]
Healthcare the lone Q2 bright spot for 3M
Shares in 3M Cos. (NYSE:MMM) took a hit today despite the industrial conglomerate’s Street-beating second-quarter results, with its healthcare business the only division to show growth. The Twin Cities-based company posted profits of $1.13 billion, or $1.92 per share, on sales of $8.17 billion for the three months ended June 30, for a bottom-line slide […]
8 medical device industry supplier innovations you need to know
Medical device innovation doesn’t just come from startups or big corporate R&D departments. Contract manufacturers and suppliers are increasingly playing a role, too. [Image by Kristopher Roller on Unsplash] Long gone are the days when medical device industry suppliers simply produced or manufactured according to specifications. Companies are increasingly coming up with their own answers […]
3M exits Venezuela
3M Cos. (NYSE:MMM) said yesterday that the turmoil in Venezuela prompted it to shut down its operations there. The South American country plunged into a constitutional crisis in 2017 after years of runaway inflation and debt defaults. President Nicolás Maduro barred opposition parties from participating in elections the following year; Maduro won the 2018 election […]
3M to pay $6.7B for Acelity
3M (NYSE:MMM) said today that it agreed to pay more than $6.7 billion to acquire wound care giant Acelity, including its debts, from the private equity consortium that took KCI private for $6.3 billion back in 2011. San Antonio, Texas-based Acelity, which registered for an initial public offering last month, was formed after Apax Partners and […]
3M takes double-digit hit on Q1 miss, plans 2000 layoffs
Shares in 3M Cos. (NYSE:MMM) took a double-digit hit today when the industrial conglomerate missed the consensus forecast for its first-quarter results, cut its outlook for the rest of the year and announced layoffs for some 2,000 of its employees. St. Paul, Min.-based 3M posted profits of $891 million, or $1.51 per share, on sales […]
3M debuts long-wearing medical adhesive
3M (NYSE:MMM) said that it has added an extended-wear medical transfer adhesive to its lineup of advanced adhesives for medical devices. Designed to laminate many substrates, 3M medical transfer adhesive 4075 features an extended-wear pressure sensitive-transfer adhesive and allows design engineers to use a variety of backings. The new adhesive also offers up to a 14-day […]
3m settles dental crown case for $33m
3M Cos. (NYSE:MMM) agreed to settle a proposed class-action lawsuit brought over alleged defects in its Lava Ultimate dental crown product. The lawsuit, filed in May 2016 in the U.S. District Court for Minnesota by 39 dentists who used the Lava Ultimate crowns, alleged that they failed at rates that were “orders of magnitude higher […]
10 women in medtech manufacturing you should know
Women account for nearly one-third of employees in the manufacturing industry, where men have historically held the majority of jobs, according to the U.S. Census Bureau. The situation includes manufacturers and other outsourcers serving the medical device space. The lack of diversity is even more apparent farther up the corporate leadership ladder. According to a report […]
3M rejiggers, names healthcare EVP
3M Cos. (NYSE:MMM) said yesterday that it’s slimming its corporate profile by folding its safety and industrial segments together and announced a slew of changes to its executive roster. The Twin Cities conglomerate said it plans to start reporting the move from five to four divisions – healthcare, safety & industrial, transportation & electronics and […]
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