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Diversified manufacturer 3M, St. Paul, MN, has entered into an agreement to sell its electronic monitoring business to an affiliate of Apax Partners, a global private equity advisory firm, for $200 million.
“This divestiture is one of several actions we have taken to improve our portfolio,” said John Riccardi, vice president and general manager, Transportation Safety Division. “We are focusing on the rapidly changing trends in transportation safety and mobility, which include the connected roadways of the future.”
3M reported annual sales for the provider of electronic monitoring technologies of $95 million. Upon completion of this transaction, 3M expects to record a gain of approximately $0.15 per share from this divestiture.