By Will Feuer

3M said it has sold its 50% stake in Combi Packaging Systems, a maker of end-of-line packaging machinery and spare parts, to SIAT Group.

The companies didn't disclose the terms of the deal, and 3M said it wouldn't have a material impact on the manufacturing conglomerate's financial results.

SIAT Group is a portfolio company of alternative-investment firm H.I.G. Capital. It makes case taping machinery, wrapping machinery and strapping equipment.

Combi is the service and warehousing provider for the 3M-Matic Case Sealing equipment brand, mostly in North America. 3M will continue to sell 3M-Matic products.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

December 14, 2023 09:32 ET (14:32 GMT)

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