The 2020 Mid-Year Economic Update_long

3M Agrees to Sell Identity Management Business

Company has agreed to sell business to Gemalto for $850 million.

Diversified manufacturer 3M, St. Paul, MN, has agreed to sell the identity management business within its traffic safety and security division to Gemalto for $850 million.

3M’s identity management business, with annual global sales of $215 million, provides biometric hardware and software that enable identity verification and authentication, as well as secure materials and document readers. The business includes 3M Cogent Inc., a wholly owned subsidiary of 3M, which provides a full spectrum of biometric solutions with a focus in law enforcement, border control and civil identification.

The transaction is expected to close during the first half of 2017. Approximately 450 3M employees are expected to transfer to Gemalto with the acquisition.

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