3M to Gain Control of Sumitomo 3M Ltd.
3M recently announced that it will acquire Sumitomo Electric Industries Ltd.’s 25% interest in Sumitomo 3M Ltd. via Sumitomo 3M for ¥90 billion (~ $885 million). Upon completion of the cash transaction, 3M will own 100% of Sumitomo 3M Ltd. The transaction is expected to close September 1.
“This investment allows us to gain full control of one of 3M’s most successful subsidiaries,” said Inge G. Thulin, chairman, president and CEO of 3M. “It is a strategic acquisition in a business we know well, as we have grown the business profitably for over 50 years.”
Sumitomo 3M Ltd. was established in 1961 as a joint venture between 3M, Sumitomo Electric Industries Ltd. and NEC Corp. In 2003, 3M acquired NEC’s 25% stake, which increased 3M’s interest to 75%.
For more information, visit www.3m.com.