3M Completes Acquisition of Sumitomo 3M
3M recently announced it has completed its acquisition, through Sumitomo 3M Ltd., of Sumitomo Electric Industries Ltd.’s 25% interest in Sumitomo 3M Ltd. for ¥90 billion (~ $865 million). 3M is now reportedly the sole owner, and the business will be known as 3M Japan Ltd.
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%.