By Allison Prang

3M Co. (MMM) has suspended its operations in Venezuela as political and social unrest have weighed on demand and the company's future prospects in the country.

3M deconsolidated its Venezuelan subsidiary as of May 31 and notified employees that local operations will be suspended for the foreseeable future, the company said in a Tuesday regulatory filing.

3M said it will record about a $160 million noncash pretax charge for the current quarter because of the deconsolidation.

That charge--which the company said is primarily from foreign-currency translation losses--works out to 27 cents a share.

The accounting charge will not be included in adjusted income and earnings per share measures, the company said.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

June 11, 2019 14:50 ET (18:50 GMT)

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