3M has successfully completed its split-off exchange offer for 3M common stock in connection with the previously announced separation of 3M's food safety business and closing of the merger of Garden SpinCo Corp., the 3M subsidiary holding the food safety business, with a subsidiary of Neogen Corp.
Pursuant to the merger, SpinCo is now a wholly-owned subsidiary of Neogen.
"We believe our Food Safety business will be well positioned with Neogen, and we are pleased to close the transaction," said Mike Roman, 3M chairman and chief executive officer.
"By building a global innovator in food safety, the business will bring customers a broader offering of technologies and solutions, while unlocking greater value for shareholders."
3M employees globally who primarily supported 3M's food safety business will transition with the business in conjunction with the divesture. The transaction included dedicated food safety manufacturing operations located in Bridgend, UK.
