Bloomberg: 3M seeking sale of electronics units valued at $1B

3M (MMM +1%) is said to be working with Goldman Sachs to sell parts of its electronics business the company thinks are underperforming, as it cuts costs and focuses on finding growth in health care, energy and aerospace.

The units reportedly could collectively fetch ~$1B if buyers are found; 3M will probably sell them piecemeal since there doesn’t appear to be an obvious buyer for the entire group.

CEO Inge Thulin said in 2012 that the company was conducting a strategic review of units that could be fixed, closed or sold, but he did not say which businesses were part of the review.

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