3M to acquire CUNO
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Manufacturing News, Source : TheManufacturer.com
Published : 12 May 2005 17:22
Both companies have announced today an all cash merger valued at approximately $1.35 billion.
With this deal, 3M, a provider of primarily air filtration products, will be able to add CUNO’s leading liquid filtration solutions to its product mix. CUNO already has customers in many of the same industries 3M serves, including the industrial, health care, consumer, and industrial markets. CUNO had made itself an attractive investment opportunity for 3M with its annual growth rate of more than 9 percent and earnings per share growing at a compound annual growth rate greater than 30 percent during the past ten years.
"Liquid filtration demand is growing rapidly, driven by critical customer needs for enhanced liquid separation and pure water," said Harold Wiens, executive vice president, 3M Industrial Business. "Our current air filtration business based upon our separation and filtration technologies totals well over $1 billion. We see multiple opportunities to take advantage of the complementary positions of the two companies, and believe that combining 3M's technology and global presence with CUNO's large and expanding installed base and strong product portfolio will enable us to achieve significant revenue and cost synergies."
3M plans to fund the acquisition with existing cash. The deal is expected to close in the third quarter and will be subject to regulatory and CUNO shareholder approval.
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