3M weighs selling drug unit: Deal possible in 12 months; 1,500 jobs affected.(Company overview)

Publication: Saint Paul Pioneer Press (St. Paul, MN)

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COPYRIGHT 2006 Saint Paul Pioneer Press

Byline: John Welbes

Apr. 5--3M Co. is better known for launching product lines than tossing aside existing ones. But the Maplewood-based manufacturer said Tuesday it may sell its pharmaceutical division, a unit with estimated annual sales of $800 million and 1,500 employees worldwide. Its products include Aldara, a prescription skin cream for treating cancerous skin conditions and genital warts that has not delivered the sales punch 3M had hoped. The planned sale also offers evidence, analysts said, that new 3M CEO George Buckley won't be afraid to shake up the company's widely diversified portfolio of products, which includes kitchen sponges and sandpaper. Brad Sauer, a 3M executive vice president, said in a prepared statement that it has a better chance to grow as part of a "dedicated pharmaceutical...

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