3M’s announces blockbuster merger with NEOGEN
In December 2021, 3M announced that it would separate its food safety business and simultaneously combine it with NEOGEN, an international food safety company, to create a global leader in the food safety and security space. The deal creates a new global company valued at $9.3 billion. The joint merger will enhance the geographic footprint of the joint entity and increase product offerings, digitization capabilities, and financial flexibility to capitalize on growth trends in sustainability, food safety and supply chain integrity.
M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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