3M takes over Sumitomo 3M Ltd.

3M will acquire Sumitomo Electric Industries Ltd.’s 25 percent interest in Sumitomo 3M Ltd. for JPY 90 billion (approximately USD 885 million).
Upon completion of the cash transaction, 3M will own 100 percent of Sumitomo 3M Ltd. The transaction is expected to close Sept. 1, 2014. Business to be known as 3M Japan.

“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 Limited was established in 1961 as a joint venture between 3M, Sumitomo Electric Industries Ltd. and NEC Corp. In 2003, 3M acquired NEC’s 25 percent stake, which increased 3M’s interest to 75 percent.

“Our Japanese organization is energized by 3M’s increased investment in the business,” said Koichi Mimura, president of Sumitomo 3M. “We are committed to growing the business further in this large and important market.”

Read more: http://evertiq.com/design/34828

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