3M Suspends Operations in Venezuela, Will Record $160 Million Charge
June 11 2019 - 3:05PM
Dow Jones News
By Allison Prang
3M Co. (MMM) has suspended its operations in Venezuela as
political and social unrest have weighed on demand and the
company's future prospects in the country.
3M deconsolidated its Venezuelan subsidiary as of May 31 and
notified employees that local operations will be suspended for the
foreseeable future, the company said in a Tuesday regulatory
filing.
3M said it will record about a $160 million noncash pretax
charge for the current quarter because of the deconsolidation.
That charge--which the company said is primarily from
foreign-currency translation losses--works out to 27 cents a
share.
The accounting charge will not be included in adjusted income
and earnings per share measures, the company said.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
June 11, 2019 14:50 ET (18:50 GMT)
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