3M completes sale of assets from dental local anesthetic portfolio for $70M

3M announced it has completed the sale of certain assets from its dental local anesthetic portfolio, based in Seefeld, Germany, to Pierrel S.p.A., a provider of services for the pharmaceutical industry, for a purchase price of $70M, subject to closing and other adjustments.These local anesthetic products, sold primarily in Europe and Asia, include products sold under the Ubistesin, Xylestesin and Mepivastesin brands as well as related syringe and needle products. These were formerly a part of the dental materials business in 3M’s Oral Care Solutions Division. As part of ongoing strategic portfolio management, 3M decided to exit these products and prioritize investments that leverage its Health Care business’ core Oral Care technologies. 3M has retained ownership of its Seefeld facility and operations, which support 3M’s Oral Care business. These local anesthetic products had annual sales in 2022 of approximately $30M and the impact of its ongoing operations were not material to 3M’s financial results. 3M expects to record a gain in the third quarter of 2023 related to this business’s divestiture which it will reflect as an adjustment in arriving at results, adjusted for special items.