3M Completes Sale of Advanced Ballistic-Protection Business
02 Janvier 2020 - 4:00PM
Business Wire
Sale includes helmet, body armor and flat
armor products
3M today announced that it has completed the sale of the
company’s advanced-ballistic protection business to Avon Rubber
p.l.c. for $91 million, before closing and other adjustments. A
further contingent consideration of up to $25 million is payable
depending on the outcome of pending tenders.
Avon Rubber is a provider of advanced chemical, biological,
radiological and nuclear respiratory protection systems for
military, law enforcement and fire customers.
The business, formerly part of 3M’s Advanced Materials Division,
consists of ballistic helmets, body armor, flat armor, and related
helmet-attachment products serving government and law
enforcement.
The Advanced Materials Division, a part of the Transportation
& Electronics Business Group, remains focused on serving its
customers with innovative, value-creating materials including
fluoropolymers, ceramics, glass bubbles and other highly engineered
materials and products. Approximately 280 3M employees, who
primarily support the business, are expected to join Avon as a
result of the sale.
The impact of the transaction is neutral to earnings per
share.
Forward-Looking Statements This news release contains
forward-looking information about 3M’s financial results and
estimates and business prospects that involve substantial risks and
uncertainties. You can identify these statements by the use of
words such as “anticipate,” “estimate,” “expect,” “aim,” “project,”
“intend,” “plan,” “believe,” “will,” “should,” “could,” “target,”
“forecast” and other words and terms of similar meaning in
connection with any discussion of future operating or financial
performance or business plans or prospects. Among the factors that
could cause actual results to differ materially are the following:
(1) worldwide economic, political, regulatory, capital markets and
other external conditions and other factors beyond the Company’s
control, including natural and other disasters or climate change
affecting the operations of the Company or its customers and
suppliers; (2) the Company’s credit ratings and its cost of
capital; (3) competitive conditions and customer preferences; (4)
foreign currency exchange rates and fluctuations in those rates;
(5) the timing and market acceptance of new product offerings; (6)
the availability and cost of purchased components, compounds, raw
materials and energy (including oil and natural gas and their
derivatives) due to shortages, increased demand or supply
interruptions (including those caused by natural and other
disasters and other events); (7) the impact of acquisitions,
strategic alliances, divestitures, and other unusual events
resulting from portfolio management actions and other evolving
business strategies, and possible organizational restructuring; (8)
operational execution, including scenarios where the Company
generates fewer productivity improvements than estimated; (9)
unanticipated problems or delays with the phased implementation of
a global enterprise resource planning (ERP) system, or security
breaches and other disruptions to the Company’s information
technology infrastructure; (10) financial market risks that may
affect the Company’s funding obligations under defined benefit
pension and postretirement plans; and (11) legal proceedings,
including significant developments that could occur in the legal
and regulatory proceedings described in the Company’s Annual Report
on Form 10-K for the year ended Dec. 31, 2018, and any subsequent
quarterly reports on Form 10-Q (the “Reports”). Changes in such
assumptions or factors could produce significantly different
results. A further description of these factors is located in the
Reports under “Cautionary Note Concerning Factors That May Affect
Future Results” and “Risk Factors” in Part I, Items 1 and 1A
(Annual Report) and in Part I, Item 2 and Part II, Item 1A
(Quarterly Reports). The information contained in this news release
is as of the date indicated. The Company assumes no obligation to
update any forward-looking statements contained in this news
release as a result of new information or future events or
developments.
About 3M At 3M, we apply science in collaborative ways to
improve lives daily. With $33 billion in sales, our 93,000
employees connect with customers all around the world. Learn more
about 3M’s creative solutions to the world’s problems at www.3M.com
or on Twitter @3M or @3MNews.
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version on businesswire.com: https://www.businesswire.com/news/home/20200102005332/en/
3M Media: Jennifer Ehrlich, 651-736-9430 3M
Investors: Bruce Jermeland, 651-733-1807 Tony Riter,
651-733-1141
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