3M to Sell its Gas and Flame Detection Business
05 Juin 2019 - 9:30AM
Business Wire
3M announced today it has received a binding offer from Teledyne
Technologies Incorporated, to purchase 3M’s gas and flame detection
business for $230 million, subject to closing and other
adjustments. Teledyne is a leading provider of sophisticated
instrumentation, digital imaging products and software, aerospace
and defense electronics, and engineered systems. The gas and flame
detection business is part of 3M’s Personal Safety Division.
The business is a leader in fixed and portable gas and flame
detection with products sold under the Oldham, GMI, Detcon,
Simtronics and Scott Safety brand names. 3M will retain the Scott
Safety brand name, which is not included in the transaction. 3M’s
gas and flame detection business has annual global sales of
approximately $120 million.
“After completing a thorough strategic review, we plan to divest
the gas and flame detection business to focus on the other
businesses within our personal safety portfolio,” said Bernard
Cicut, vice president, Personal Safety Division. “Our employees
have done an outstanding job and we thank them for their dedication
to this business.”
3M’s Personal Safety Division is focused on applying 3M science
to improve the health, safety and productivity of workers all over
the world. The business is a global leader in providing Personal
Protective Equipment and solutions to a wide array of industries
including manufacturing, construction, oil and gas, mining,
utilities, defense, healthcare, and the fire service. 3M Personal
Safety offers an extensive product line which includes respirators,
self-contained breathing apparatus, hearing protection, fall
protection, reflective materials and head, eye, and face
protection.
Approximately 500 employees who primarily support the gas and
flame detection business are expected to join Teledyne upon
completion of the sale.
The transaction is expected to be completed in the second half
of 2019, subject to customary closing conditions and regulatory
approvals, while 3M’s acceptance of the binding offer is subject to
the completion of consultation and information requirements with
relevant works councils.
3M expects to record a gain of approximately $0.20 per diluted
share from this divestiture.
Houlihan Lokey acted as financial advisor to 3M.
Forward-Looking StatementsThis 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 3MAt 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/20190605005341/en/
3M Media Contact:Stephen Sanchez, 651-737-5967
3M Investor Contacts:Bruce Jermeland, 651-733-1807Tony
Riter, 651-733-1141
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