In March 2026, 3M, in partnership with Bain Capital ("Bain"), entered into an agreement to acquire 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 will establish a venture to which 3M will contribute its self-contained breathing apparatus business ("SCBA") and Bain will contribute cash. The venture will utilize the contribution and purchase Madison, while taking on leverage. 3M expects to consolidate the venture, of which 3M will own 50.1% and Bain will own 49.9%. On a consolidated basis, 3M anticipates net proceeds of approximately $0.7 billion upon closing of the transactions, reflecting financing and Bain's contribution, net of amounts used to acquire Madison. The transactions are expected to close in the second half of 2026, subject to customary closing conditions, including regulatory approval. Madison will be combined with SCBA within 3M's Safety and Industrial segment.

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. In 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 and recorded an immaterial amount in 2026 to reflect subsequent changes. Selling price did not involve proceeds, but a balance of cash, subject to closing and other adjustments, was left in the transferring business. This charge and related changes were reported within Corporate and reflected in loss on business divestitures on the consolidated statement of income. The business has annual sales of approximately $130 million and its operating income, excluding the charge reflected in Corporate, was not material.



(Millions)	March 31, 2026		December 31, 2025
Assets held for sale
Cash and cash equivalents	$	49	$	46
Inventories	26		27
Property, plant and equipment — net	102		96
Other assets	18		18
Valuation allowance on assets held for sale	(146)		(141)
Total assets held for sale	$	49	$	46
Liabilities held for sale
Pension and postretirement benefits	$	(21)	$	(23)
Other liabilities	(15)		(14)
Valuation allowance on liabilities held for sale	(20)		(18)
Total liabilities held for sale	$	(56)	$	(55)