3M (NYSE: MMM) has agreed to sell its rights to the Neoplast and Neobun brands, including other related assets in Thailand and other locations in Southeast Asia as a part of its strategic management.
In its withdrawal, 3M will sell its manufacturing assets of its Ladlumkaew, Thailand, to Selic Corp Public Company Limited (SET: SELIC), a listed company in the Thai stock market who is a manufacturer, distributor and also including research and development of industrial adhesives products.
Products of Neoplast and Neobun brands are sold primarily in Thailand and Southeast Asia under 3M’s Consumer Health & Safety Division. The brands focus on sports and medical tapes, bandages and medicated products.
The sale is expected to be completed in the fourth quarter of 2022.
3M is an American multinational conglomerate corporation operating in the fields of industry, worker safety, U.S. healthcare, and consumer goods.
The share price of SELIC closed the morning session on July 1, 2022, at THB4.58 per share, increased THB0.30 or 7.01% per share. SELIC gained 90% this week.