Why do you expect the 3.3 to be printed? \w does not match whitespace. I suggest you read perlre before posting again:

use warnings;

foreach my $match ('Info: Product Line is MMS 3.3') 
   {
     if ( $match =~ /Info: Product Line is (\w+)/ ) 
      {
      $product_line = $1; 
      print "$product_line\n";
      }
   }

__END__

MMS
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