3M recently announced it has entered into an agreement to sell to Innovative Chemical Products Group (ICP Group), a portfolio company of Audax Private Equity, the assets of 3M’s Pressurized Polyurethane Foam Adhesives business (formerly known as Polyfoam), which is part of 3M’s Industrial Adhesives and Tapes Division.
“After strategic portfolio review, we decided to exit this business and focus on our core adhesives, sealants, and tapes businesses,” said Ty Silberhorn, vice president and general manager, 3M Industrial Adhesives and Tapes Division.
“The Pressurized Polyurethane Foam Adhesives business will be a new, strategic business unit within ICP Group, focused on industrial and construction applications,” said Doug Mattscheck, president and CEO, ICP Group.
ICP Group reportedly plans to maintain the foam adhesives business’ existing operations in Tomball, Texas, and Coral Springs, Fla., as a stand-alone business unit within the specialty chemicals platform.
The transaction is expected to close during the first quarter, subject to customary closing conditions. Approximately 20 3M employees who support the business are expected to join ICP Group in conjunction with the sale.