Oral care company completes $70 million sale; will prioritize investments that leverage its Health Care business' core Oral Care technologies.
Stating a prioritized focus on its health care business' core Oral Care technologies, 3M has completed the sale of certain assets from its dental local anesthetic portfolio, based in Seefeld, Germany, to Pierrel S.p.A.
Pierrel S.p.A. agreed to complete the purchase at a price of $70 million, subject to closing and other adjustments.
The local anesthetic products included in the portfolio being sold include products sold under the Ubistesin™, Xylestesin™ and Mepivastesin™ brands as well as related syringe and needle products. Sold primarily in Europe and Asia, these products were formerly a part of the dental materials business in 3M's Oral Care Solutions Division.
According to Tuesday’s press release from 3M, the St. Paul, Minnesota company decided to exit these products and prioritize investments that leverage its Health Care business' core Oral Care technologies. 3M has retained ownership of its Seefeld facility and operations, which support 3M's Oral Care business.
These local anesthetic products had annual sales last year of around $30 million and the impact of its ongoing operations were not material to 3M's financial results, the company states.
The press release adds that 3M expects to record a gain in the third quarter of 2023 related to this business's divestiture which it will reflect as an adjustment in arriving at results, adjusted for special items.
3M Oral Care has long been a leader in dental restoratives. Last fall the company introduced the 3M™ Filtek™ Matrix – a restorative solution that makes composite placement less stressful and more predictable for dentists and more affordable for their patients. Clinicians can pair the Filtek Matrix with 3M™ Filtek™ Dental Restoratives to deliver optimal composite strength and wear resistance for patients.