3M explores $3.5 billion sale of food safety unit

Industrial conglomerate 3M Co MMM.N is working with advisers on the sale of its food safety business, Bloomberg News reported here on Tuesday, citing people with knowledge of the matter.

The unit, which makes products for pathogen testing and allergen detection, could fetch about $3.5 billion (£2.75 billion), the report said.

3M said it does not comment on rumors or speculation.

The company missed Wall Street estimates for second-quarter profit and revenue in July as demand across its business units plunged due to the coronavirus crisis.

Its shares have fallen about 8% so far this year.