Yahoo Finance 3M (MMM) to Invest $146M in Biotech Manufacturing Capabilities
3M Company MMM is set to invest $146 million to expand its capabilities in biotech manufacturing. This highlights the company’s commitment to customer-oriented innovation in health care. The investment will cater to facility and equipment improvements and help in the creation of 60 full-time positions in 3M manufacturing facilities in Europe.
The investment will facilitate 3M’s development and delivery of vital filtration equipment designed for bioprocessing, biological and small molecule pharmaceutical manufacturing applications. This, in turn, will help biotech customers introduce innovative therapies for the treatment of critical conditions, such as rheumatoid arthritis, multiple sclerosis and certain cancers.
The manufacturing process of biopharmaceutical drugs uses a unique filter material that captures impurities and allows the necessary drug substances to pass through.
3M Company Price
3M Company price | 3M Company Quote
Lately, 3M’s Healthcare unit has been grappling with operational weakness due to reduced consumer spending. Weakness in the Health Information Systems business is weighing on the Healthcare segment’s performance. Revenues from the unit declined 5.6% year over year in the first quarter of 2023. Organic sales growth in the medical solutions and oral care business is partly offsetting the adversities in the segment.
Zacks Rank & Key Picks
3M presently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks within the broader Industrial Products sector are as follows:
Ingersoll Rand IR currently sports a Zacks Rank #1 (Strong Buy). The company pulled off a trailing four-quarter earnings surprise of 12.6%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.
Ingersoll Rand has an estimated earnings growth rate of 14.8% for the current year. The stock has rallied 16.7% in a year.
Flowserve FLS currently flaunts a Zacks Rank #1. The company pulled off a trailing four-quarter earnings surprise of 2.5%, on average.
Flowserve has an estimated earnings growth rate of 64.5% for the current year. The stock has gained 4% in a year.
Graco Inc. GGG sports a Zacks Rank #1 at present. The company pulled off a trailing four-quarter earnings surprise of 7.9%, on average.
Graco has an estimated earnings growth rate of 16.3% for the current year. The stock has gained 19.1% in a year.
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