3M India Board Clears Arrangement For Healthcare Business

The Board of Directors of 3M India, the local unit of a material science firm located in the United States, also authorized an agreement to accelerate the expansion of its healthcare business in India.The company said the licensed manufacturer and reseller model will allow 3M India to continue to have exclusive access to the health care products and IP portfolio of the new entity and to continue to participate in the growing health care market in India. The distribution model will permit 3M India to act as an independent exclusive distributor of the new entity’s products in India, ensuring continued leverage for the health care business, as per economic times.“We are pleased with the arrangement with the new world-class healthcare entity and its affiliates," said Ramesh Ramadurai, managing director, 3M India."We believe it to be in the best interests of 3M India and all its stakeholders,” Ramadurai added.The agreements have a five-year initial term and will become effective upon the spin-off of 3M Company's healthcare business into a separate, publicly traded company. The worldwide health care spin-off is expected to be completed in the first half of 2024, subject to final 3M Company Board of Directors approval and other relevant criteria.3M Company is a multinational conglomerate based in the United States that operates in the domains of industry, worker safety, healthcare, and consumer goods. Adhesives, abrasives, laminates, passive fire protection, personal protective equipment, window films, paint protection films, dental and orthodontic products, electrical and electronic connecting and insulating materials, medical products, car-care products, electronic circuits, healthcare software and optical films are among the over 60,000 products manufactured by the company under various brands.