3M sells rights to Neoplast and Neobun brands in Thailand

3M has entered into an agreement to sell its rights to the Neoplast and Neobun brands and related assets in Thailand and certain other Southeast Asia countries. Neoplast is the brand behind 3Ms surgical tapes, dressings and first aid bandages, while Neobun makes menthol plasters for muscle pain. 

This is as part of ongoing strategic portfolio management to prioritise other areas within its consumer health and safety division (CHSD). The sale is expected to be completed in the fourth quarter of 2022 and according to a statement by 3M, this will not have a material impact on 3M's financial results.

Neoplast and Neobun products are sold primarily in Thailand and throughout Southeast Asia – they are part of the skin health and wellness business. The company’s portfolios include sports and medical tapes, bandages and medicated products for the consumer and health care industry. 3M previously also announced that it would discontinue all manufacturing in the Ladlumkaew plant, and close the facility by the end of August 2022. This will impact approximately 250 of its Thailand employees who are eligible for severance and outplacement assistance.

 "3M continues to prioritise investments that leverage 3M's technologies in advanced wound care solutions under the Nexcare™ brand in skin health and wellness for the consumerWe will continue to invest in health and safety for our Asia customers and those around the world”, added Megan Selby, president, 3M CHSD.

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