3M Brazil Acquires Floor Care Products Manufacturer
Incavas, the company 3M is acquiring, has 150 employees.
St. Paul, MN-based 3M (NYSE: MMM) has agreed to acquire Incavas Industria de Cabos e Vassouras Ltda., a manufacturer of floor care products based in Rio Grande do Sul, Brazil.
The company’s line of floor cleaning products includes squeegees, brushes, dust pans and brooms.
"The Incavas brand will complement 3M’s line of household cleaning tools and help establish the Home Care Division as a strong player in Brazil,” said Michael Vale, managing director, 3M Brazil. “We see strong technical, sales and manufacturing synergies with the combination of Incavas and 3M.”
Incavas employs 150 people. The transaction is expected to close in the first quarter of 2010.
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