3M (NYSE:MMM) is considering selling billions of dollars of assets in its industrials unit as it tries to cut lower-growth businesses.
3M (NYSE:MMM) has been working with Goldman Sachs to review potential assets to sell, according to a Bloomberg report on Friday, which cited people familiar with the matter.
The conglomerate’s safety and industrials unit, which had $11 billion in revenue last year, houses businesses including aftermarket auto products, personal safety equipment, and industrial adhesives and tapes.
A final decision hasn’t been made yet, and the company may decide to leave its current structure in place, according to the report.
3M declinded to comment to Bloomberg.