3M to buy Aearo Tech for $1.2 billion
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CHICAGO (Reuters) - 3M Co , which makes products ranging from Scotch tape to optical films for liquid crystal displays, said on Thursday it would acquire Aearo Technologies Inc, a maker of hearing- and eye-protection and energy-absorbing products, for $1.2 billion.The deal for Aearo, which is owned by funds advised by private equity firm Permira and company management, will be financed through a combination of cash and other borrowings, 3M said in a statement.The deal will add to 3M's existing line of respiratory products, the St. Paul, Minnesota-based company said."Aearo complements and significantly broadens our core safety and personal protection business, a space which is growing fast and of strategic importance to the company," 3M Chief Executive George Buckley said in a statement, adding that his company's international reach would allow it to boost Aearo's distribution.3M said the deal will not affect its 2007 profit forecast as it is not expected to close until the first quarter of 2008.Aearo, based in Indianapolis, Indiana, makes hearing-protection devices, communication headsets, nonprescription and prescription safety eyewear, face shields, reusable and disposable respirators, fall-protection equipment and hard hats. The company, which employs 1,700 people, has posted a compound annual sales growth rate of more than 12 percent over the past five years to $508 million.It also markets systems solutions and energy-absorbing materials that are incorporated into other manufacturers' products to control noise, vibration, shock and temperature.(Reporting by Ben Klayman, editing by Gerald E. McCormick and John Wallace)
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