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Diversified manufacturer 3M, St. Paul, MN, has completed the sale of its tolling and automated license/number plate recognition business to Neology, Inc., a provider of integrated solutions for tolling, electronic vehicle registration and public safety applications. Neology is a subsidiary of SMARTRAC, a portfolio company managed by One Equity Partners, a middle-market private equity firm. Terms were not disclosed.
The tolling and automated license/number plate recognition business was part of 3M’s Transportation Safety Division, within the Safety & Graphics business. The business reported annual global sales of $40 million.
The impact of the transaction will be neutral to both second-quarter and full-year 2017 GAAP earnings per share.