Industrial conglomerate 3M Co said on Friday it will exit its Neoplast and Neobun brands in Thailand and some other Southeast Asian countries, and sell manufacturing assets at its Lat Lum Kaeo plant, as part of its strategic portfolio management.
The brands — part of the company's Consumer Health and Safety Division (CHSD) — and the assets from its Thailand-based Lat Lum Kaeo plant in Pathum Thani province will be sold to Selic Corp Plc, 3M said.
The St Paul, Minnesota-based company did not disclose the terms of the deal, but said the sale will not have a material impact on its financial results.
"As part of ongoing strategic portfolio management, 3M has decided to exit these brands and prioritize other areas within its Consumer Health & Safety Division," 3M said.
Neoplast makes surgical tapes, dressings and first aid bandages, while Neobun makes menthol plasters for muscle pain.
The brands are sold primarily in Thailand and Southeast Asia and were a part of 3M's larger CHSD that includes sports and medical tapes, bandages and medicated products for the consumer and healthcare industry, according to the company.
3M also said its plan to sell the Lat Lum Kaeo plant will impact about 250 employees in the country, and the affected employees are eligible for severance and outplacement assistance.
The US-based company had acquired Neoplast in 2007.