3M to Sell Some Dental Local Anesthetic Products to Pierrel for $70 Million

By Colin Kellaher

3M Co. on Tuesday said it agreed to sell a handful of dental local anesthetic products to Italy's Pierrel for $70 million.

The St. Paul, Minn., conglomerate, which last week unveiled plans to shed about 6,000 jobs in a global restructuring, said the products generated sales of about $30 million last year and weren't material to its financial results.

3M said the products, which it sells mainly in Europe and Asia, include those sold under the Ubistesin, Xylestesin and Mepivastesin brands and are part of its oral-care business.

The company said it expects to record a gain on the sale, which it expects to complete in the third quarter, adding that it will retain the ownership of its plant in Seefeld, Germany, where the portfolio is based.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

May 02, 2023 12:49 ET (16:49 GMT)

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