Avon Rubber Buys 3M's Ballistic-Protection Unit for Up to $116 Million -- Deal Digest
07 Août 2019 - 10:05AM
Dow Jones News
By Adria Calatayud
ACQUIRER: Avon Rubber PLC (AVON.LN), a U.K. manufacturer of
respiratory-protection equipment.
SELLER: 3M Co. (MMM).
TARGET: 3M's ballistic-protection business and the rights to the
Ceradyne brand.
PRICE: Up to $116 million, comprising an initial cash price of
$91 million and a further consideration of up to $25 million
subject to the outcome of pending tenders.
EXPECTED CLOSE: The acquisition is expected to close in the
first half of Avon Rubber's fiscal year ending March 31, 2020.
RATIONALE: Avon Rubber said the deal represents an attractive
opportunity, as the target has established positions with the U.S.
Department of Defense and law-enforcement customers as well as a
track record of profitable revenue growth. The acquisition
significantly widens Avon's protection product range and deepens
its presence in the U.S., the company said. Synergies of $5 million
in the first full year of ownership are expected, Avon Rubber
said.
STOCK MOVE: Avon Rubber shares at 0726 GMT were up 7.9% at 1,428
pence.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
August 07, 2019 03:50 ET (07:50 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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