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Diversified manufacturer 3M (NYSE: MMM), St. Paul, MN, has acquired Nida-Core Corp., a manufacturer of structural honeycomb core and fiber-reinforced foam core materials based in Port St. Lucie, FL. Terms of the transaction were not disclosed.
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Nida-Core's broad portfolio of high-strength, low-weight, engineered materials, is used in general industrial markets, including transportation, marine and renewable energy.
"The acquisition of Nida-Core will allow us to build immediately upon our composite and engineered materials product portfolio," said Patrick Deconinck, vice president and general manager, Industrial Adhesives and Tapes Division at 3M.
Nida-Core will operate under 3M's Engineered Products and Solutions Department, a department of IATD led by Vic Genco, general manager.
The acquisition agreement also provides for the acquisition by 3M of the business of Structiso SARL, a company affiliated with Nida-Core. Structiso is located in Aniche, France. The acquisition of Structiso is expected to be completed early in the second quarter, subject to customary closing conditions.