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Diversified manufacturer 3M, St. Paul, MN, through Sumitomo 3M, has agreed to acquire Sumitomo Electric Industries Ltd.’s 25 percent interest in Sumitomo 3M Ltd. for 90 billion Japanese Yen (US$885 million). Upon completion of the transaction, 3M will own 100 percent of Sumitomo 3M Ltd.
“This investment allows us to gain full control of one of 3M’s most successful subsidiaries,” said Inge G. Thulin, 3M president and CEO. “It is a strategic acquisition in a business we know well, as we have grown the business profitably for over 50 years.”
Sumitomo 3M Limited was established as a joint venture between 3M, Sumitomo Electric Industries Ltd. and NEC Corp. In 2003, 3M acquired NEC’s 25 percent stake, which increased 3M’s interest to 75 percent.