In July 2026, 3M, in partnership with Bain Capital ("Bain"), completed the acquisition of Madison Fire & Rescue ("Madison") for $1.95 billion, subject to closing and other adjustments. Madison offers a portfolio of rescue technology and fire-suppression products. Under related agreements, 3M and Bain established a venture to which 3M contributed its self-contained breathing apparatus business ("SCBA") and Bain contributed cash. The venture utilized the contribution and purchased Madison, while drawing on its term loan facility. 3M will consolidate the venture, of which it owns 50.1%. On a consolidated basis, 3M received net proceeds of approximately $0.7 billion in the third quarter of 2026 from closing of the transactions, reflecting proceeds from the term loan facility and Bain's contribution, net of amounts used to acquire Madison. Madison will be combined with SCBA within 3M's Safety and Industrial segment. Bain's noncontrolling interest is redeemable after five years, will be presented outside of permanent equity in the consolidated balance sheet and measured at the greater of its initial carrying amount updated for its share of earnings or estimated redemption value, affecting net income attributable to 3M. Features of Bain's interest, along with other venture exit and liquidity provisions, also result in a derivative instrument that will be carried at fair value.

In April 2026, 3M completed the sale of its precision grinding and finishing business, formerly within the Safety and Industrial business. This business was classified as held for sale in the third quarter of 2025. 3M recorded a pre-tax charge of $159 million for the excess of its carrying value over its selling price less cost to sell in 2025 and an insignificant amount in 2026 for subsequent changes. This charge and related changes were reported within Corporate and reflected in loss on business divestitures on the consolidated statement of income. The transaction did not involve proceeds, but a balance of cash, subject to closing and other adjustments, was left in the transferring business and an amount was paid to purchaser at close. The business has annual sales of approximately $130 million and its operating income, excluding the charge reflected in Corporate, was not material.

In the second quarter of 2026, 3M approved and completed the divestiture of its Dyneon GmbH subsidiary, a manufacturer of PFAS prior to 3M's exit from PFAS manufacturing by the end of 2025 (included in Corporate — see Note 16). The transaction resulted in a $324 million pre-tax loss on business divestiture that was recorded within Corporate. The transaction did not involve proceeds, but a balance of cash was left in the transferring business and an amount was paid to purchaser at close. An accrued amount, subject to closing and other adjustments, is payable to purchaser upon finalization of those adjustments, expected later in 2026. Refer to Note 15 for discussion of indemnifications related to certain legal matters associated with this transaction.



(Millions)	December 31, 2025
Assets held for sale
Cash and cash equivalents	$	46
Inventories	27
Property, plant and equipment — net	96
Other assets	18
Valuation allowance on assets held for sale	(141)
Total assets held for sale	$	46
Liabilities held for sale
Pension and postretirement benefits	$	(23)
Other liabilities	(14)
Valuation allowance on liabilities held for sale	(18)
Total liabilities held for sale	$	(55)