A diversified manufacture in the US 3M Co (MMM.N) said that it was exploring a sale or spin off of its healthcare data and software business.
3M's broad business portfolio, which includes Post-it notes as well as adhesives, abrasives and other products for a variety of industries has been reviewed by Chief Executive Officer Inge Thulin. The company has struck acquisition deals in order to expand in other areas.
As several companies and the U.S. government raise spending as regulatory requirements increase the healthcare technology business has seem to be on the brighter side. 3M Health Information Systems, a unit of the company's healthcare business, had trailing 12-month revenue of about $730 million, according to 3M. Healthcare data aggregation, analysis and strategic services are provided by the health information systems business.
St. Paul, Minnesota-based 3M said it hired Goldman Sachs (GS.N) to advise on strategic alternatives for the health information unit. It said it expected a decision by the end of the first quarter of 2016 and could choose to retain and invest in the business.