3M Sells Rights and Related Assets in Asia
3M announced that it has completed the sale of its rights to the Neoplast™ and Neobun™ brands and related assets in Thailand and certain other Southeast Asia countries to Selic Corp. Public Co. Limited, a company focusing on bonding innovation serving various industries. The sale included related manufacturing assets of the Ladlumkaew, Thailand, facility.
Neoplast and Neobun products, sold primarily in Thailand and Southeast Asia, were part of the Skin Health & Wellness business with 3M. The portfolios included sports and medical tapes, bandages, and medicated products for the consumer and healthcare industry.
According to 3M, the company has decided to exit these brands and prioritize other areas in its business, with a continued focus on Asia markets. Recent examples of 3M's portfolio management include the separation of the Food Safety business, the announced spin off of the Health Care business, and the acquisition of technology assets of LeanTec for the automotive aftermarket segment in the United States and Canada.
Selic has indicated that it intends to establish operations at the facility, including employment of interested site employees, to scale up production of Neoplast and Neobun brands and further product development for its medical device business.
For more information, visit: www.3m.com.
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