3M suspends Venezuela operations, citing unrest

3M Co. said Tuesday that it is suspending its operations in Venezuela, “in light of continuing challenging circumstances … including its unstable environment and heightened unrest.”

In a filing with the U.S. Securities and Exchange Commission, the Maplewood-based company also noted that circumstances in that country “have led to a sustained lack of demand, and our expectation that these circumstances will continue for the foreseeable future.”

The company said it will record a charge of $160 million, or 27 cents a share, in the second quarter for the deconsolidation of its Venezuelan subsidiary. The industrial, health care and consumer products company has notified employees that it has suspended local operations for the foreseeable future.

“There is no economic impact to 3M from the deconsolidation of the subsidiary. The operations were immaterial to 3M’s overall operations,” the company said.

Venezuela has seen increased political and economic unrest for most of the past year.


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