3M Completes Acquisition of Sumitomo 3M
Formerly having a 75 percent stake in Sumitomo 3M, St. Paul, Minnesota's 3M is now the sole owner, the company announced Sunday.
The deal was completed for 90 billion Japanese Yen, or approximately $865 million. The company will change its name to 3M Japan Ltd.
Sumitomo 3M, established in 1961, was a joint venture among 3M, Sumitomo Electric Industries Ltd. and NEC Corp. In 2003, 3M acquired NEC's 25 percent stake. After acquiring Sumitomo Electric's stake last month, 3M now owns 100 percent of the company.
On a GAAP-reported basis, 3M estimates the acquisition will add approximately $0.08 per share to earnings during the first 12 months following closing.
For more information, visit www.3m.com.