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Joint Announcement Press Release Exhibit 99.1 NEOGEN to Combine 3M's Food Safety Business With its Existing Operations , Creating a Global Industry Leader Creates a pure play Food Security company with pro forma revenue of approximately $ 1 billion and Adjusted EBITDA of approximately $ 300 million expected in its first full year post - closing . Pro forma company expected to have stronger growth through substantial cross synergies in product innovation , sales , marketing , distribution and production ; an EBITDA margin profile of approximately 30 % and increased exposure to higher growth , lower volatility Food Safety end - markets which will represent approximately 70 % of total revenue . Combined company will have the enhanced geographic footprint , innovative product offerings , digitization capabilities , and financial flexibility to capitalize on robust growth trends in sustainability , food safety and supply chain integrity . Intended tax - efficient transaction will result in 3M shareholders owning 50.1 % of NEOGEN and existing NEOGEN shareholders owning 49.9 % . 3M to receive consideration valued at approximately $ 1 billion , subject to closing and other adjustments . LANSING , Mich . , and ST . PAUL , Minn . , December 14 , 2021 - NEOGEN Corporation ( NASDAQ : NEOG ) and 3M ( NYSE : MMM ) announced today that they have entered into a definitive agreement pursuant to which 3M will separate its Food Safety business and simultaneously combine it with NEOGEN in a transaction that is intended to be tax - efficient to 3M and its shareholders for U.S. federal income tax purposes . The combination will create an innovative leader in the food safety sector with a comprehensive product range and a strategic focus on the category's long - term growth opportunities . The transaction implies an enterprise value for 3M's Food Safety business of approximately $ 5.3 billion , including $ 1 billion in new debt to be incurred by 3M's Food Safety business . This represents an implied multiple of approximately 32x and 27x CY 2022E Adjusted EBITDA pre and post run - rate synergies respectively , based on NEOGEN's closing price as of December 13 , 2021. 3M's Food Safety business will fund to 3M consideration valued at approximately $ 1 billion , subject to closing and other adjustments . The combined company is expected to have an enterprise value of approximately $ 9.3 billion , based on NEOGEN's closing share price as of December 13 , 2021. Under the terms of the definitive agreements , which involve a tax - free " Reverse Morris Trust ” structure , existing NEOGEN shareholders will continue to own approximately 49.9 % of the combined company , and 3M shareholders will receive approximately 50.1 % of the combined company . The Boards of Directors of both NEOGEN and 3M have unanimously approved the transaction . " This combination will enhance NEOGEN's position in this new era of food security , equipping us with an expanded product line that enables us to capitalize on our growing footprint , reaching more customers , more often , while continuing our track record of strong and consistent growth , " said John Adent , NEOGEN's President and Chief Executive Officer . " The heightened global focus on food security , sustainability and supply chain solutions around the world presents exciting opportunities for NEOGEN to be positioned as an innovative leader at the forefront of the growth and digitization of the industry . We're excited to welcome 3M's Food Safety employees to the NEOGEN team , and we're looking forward to demonstrating the immense benefits of this combination to our customers , employees and shareholders . "