(Reuters) – 3M Co. said on Friday that it would stop selling its Neoplast and Neobun brands in Thailand and some other Southeast Asian countries. As part of its strategic portfolio management, the company will also sell manufacturing assets at its Ladlumkaew plant.
3M said Selic Corp. PCL will buy the brands, which are part of the company’s Consumer Health and Safety Division (CHSD), as well as the assets from its Ladlumkaew plant in Thailand.
The company, which is based in St. Paul, Minnesota, did not say what the terms of the deal were, but it did say that the sale will not have a big effect on its financial results.
“As part of its ongoing strategic portfolio management, 3M has decided to stop selling these brands and focus on other areas in its Consumer Health & Safety Division,“ the company said.
Neoplast makes surgical tapes, dressings, and first aid bandages. Neobun makes menthol plasters for muscle pain.
The brands are mostly sold in Thailand and Southeast Asia. They were part of 3M’s larger CHSD, which the company says includes sports and medical tapes, bandages, and medicines for the consumer and healthcare industries.
3M also stated that the sale of the Ladlumkaew plant will affect approximately 250 workers in the country.Those workers will be able to get severance pay and help find new jobs.
Neoplast was bought by a U.S. company in 2007.
