Feb 13 (Reuters) - 3M Co, the maker of Post-it notes, said it may need to deconsolidate operations in Venezuela because of problems related to exchanging the South American’s country’s bolivar currency.
“A need to deconsolidate the company’s Venezuelan subsidiary’s operations may result from a lack of exchangeability” of Venezuela’s currency “coupled with an acute degradation in the ability to make key operational decisions due to government regulations in Venezuela,” 3M said in its annual report filed on Thursday with U.S. regulators.
3M’s operations in Venezuela are small, representing less than 1 percent of the company’s consolidated operating profit in 2014. The company said Venezuela-related receivables are less than $20 million.
3M was not immediately avaiable for comment.
Reporting By Tim McLaughlin; Editing by Chizu Nomiyama