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St. Paul, MN-based 3M (NYSE: MMM) has agreed to acquire Swiss manufacturer Winterthur. The transaction is valued at about US$448 million.
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Winterthur manufactures precision grinding technology serving customers in hard-to-grind precision applications in industrial, automotive, aircraft, and cutting tools.
"Adding Winterthur enhances and extends our existing product line, enabling us to provide solutions for a broader range of industrial grinding and finishing needs," said Chris Holmes, vice president and general manager, 3M Abrasive Systems Division.
Winterthur employs 1,300 people with first six months 2010 sales of USD $114 million, up more than 30 percent over the same period last year.