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July 16, 2014
3M to take full ownership of Sumitomo JV
3M (St. Paul, Minn.; www.3m.com
) announced that it will acquire, through Sumitomo 3M, Sumitomo Electric Industries Ltd.’s 25% percent interest in Sumitomo 3M Ltd. for approximately $885 million. Upon completion of the cash transaction, 3M will own 100% of Sumitomo 3M Ltd. The transaction is expected to close Sept. 1, 2014.
“This investment allows us to gain full control of one of 3M’s most successful subsidiaries,” said Inge G. Thulin, 3M chairman, president and chief executive officer. “It is a strategic acquisition in a business we know well, as we have grown the business profitably for over 50 years.”
Sumitomo 3M Ltd. was established in 1961 as a joint venture (JV) between 3M, Sumitomo Electric Industries Ltd. and NEC Corp. In 2003, 3M acquired NEC’s 25% stake, which increased 3M’s interest to 75%.