Industrial conglomerate 3M Co. agreed in May to acquire surgical wound-care company Acelity Inc. for $6.7 billion in a deal set to close later this year.
By far the biggest purchase in 3M’s 117-year history, it comes at a time when the company is at a crossroads. Long regarded as a reliable operator that could offer haven to investors during times of economic strife, it’s announced a string of earnings and sales guidance cuts over the past year, including one just weeks before the Acelity acquisition was unveiled.
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July 29, 2019