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Share Name | Share Symbol | Market | Type |
---|---|---|---|
3M Company | NYSE:MMM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-1.71 | -1.74% | 96.73 | 98.40 | 96.65 | 97.96 | 5,392,997 | 20:58:48 |
By Angela Chen
3M Company (MMM) will sell its static control business to electronics-production company Desco Industries Inc.
Terms of the transaction with privately held Desco weren't disclosed, though the majority of 3M's 150 employees in the static control business are expected to transfer to Desco.
The St. Paul, Minn.-based 3M sells everything from stethoscopes to Scotch tape. The static-control business, which has annual global sales of $45 million, makes products such as bags and floor tiles that protect against electrostatic discharge.
"As the result of a thorough strategic review, we have made the decision to exit the static-control business and sell to Desco, a company fully focused on the static-control industry and its evolving customer needs," said Herve Gindre, vice president of 3M's electronic materials division.
3M reported strong U.S. growth in the most recently ended quarter, leading to a 5.9% rise in profit. The company promised last December to adopt a somewhat less conservative financial strategy and consider larger acquisitions in an effort to improve shareholder returns.
The Desco transaction is expected to close in the first quarter of 2015.
Shares of 3M are up about 12% this year through Friday's close.
Write to Angela Chen at angela.chen@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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