3M recently announced it has entered into an agreement to acquire the do-it-yourself and professional business of GPI Group, a manufacturer and marketer of home improvement products such as tapes, hooks, insulation, and floor protection products and accessories. The addition of GPI’s products will reportedly expand 3M’s product portfolio in core and complementary categories in the construction and home improvement markets.
“This acquisition will help us to build on our existing product platforms and accelerate our expansion and participation in home improvement channels globally,” said Laurie A. Altman, vice president and general manager, 3M Construction and Home Improvement Markets.
“GPI and 3M are a natural fit,” said Bernard Cicut, managing director of 3M France. “Together with GPI, we will be in a unique position to better serve our customers in France and in Europe.”
GPI employs approximately 450 people, and has sales in France and western Europe. The transaction is expected to close in the fourth quarter, subject to customary closing conditions, including regulatory approvals.
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3M Acquires GPI Business Units
August 1, 2011