3M Agrees to Acquire Winterthur Technologies

$448-million takeover would create broader lineup of grinding tools and products

With a $448-million offer, 3M Company, is aiming to take over a Swiss manufacturer of grinding tools, Winterthur Technologies. Winterthur has about 1,300 employees that develop and manufacture tools used to produce cutting tools and automotive parts, turbine, and machine tool components.

The chairman of the Swiss company reportedly has agreed to tender his 14% holding to 3M. The offer is contingent upon 3M accumulating 66.67% of the outstanding shares of Winterthur, and satisfying a variety of other closing conditions and regulatory approvals.

Acquiring Winterthur reportedly will allow 3M to improve and expand its grinding wheel and cut-off wheel product lines. It will give Winterthur a global presence and a wider product range, as well as better resources for new product development.

Headquartered in Minnesota, 3M is said to manufacture more than 55,000 products, including adhesives, abrasives, laminates, passive fire protection, dental products, electronic materials, medical products, electronic circuits, and optical films, as well as industrial and personnel safety equipment and the widely known series of office products. It has operations in more than 60 countries, has 29 international companies with manufacturing operations, and 35 companies with research laboratories.

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