|
3M to Acquire Winterthur Technologies AG Acquisition Enhances Abrasives Offering ST. PAUL, Minn. & Zurich – Dec. 6, 2010 – 3M and Winterthur Technologies AG (“Winterthur”) announced today that they have entered into an agreement for 3M’s acquisition of Winterthur for CHF 62.00 (USD $63.56) per share by way of a public tender offer. The proposed transaction has an aggregate value of approximately USD $448 million. Winterthur is a leading global supplier of precision grinding technology serving customers in the growing area of hard-to-grind precision applications in industrial, automotive, aircraft, and cutting tools. The Board of Directors of Winterthur unanimously recommends the offer to Winterthur’s shareholders. The Chairman of Winterthur has entered into an irrevocable undertaking with 3M to tender his 14 percent of the shares in Winterthur. The offer is conditional upon a tendering of 66.67 percent of the shares of Winterthur and satisfying certain other customary closing conditions and regulatory approvals. The transaction is expected to be completed in the first quarter of 2011. Winterthur participates in the more than $14 billion abrasives market, which is projected to grow at a rate of greater than 4 percent per year. Demand for hard-to-grind and high-precision materials is fueling the need for improved grinding and finishing processes. “Adding Winterthur enhances and extends our existing product line, enabling us to provide solutions for a broader range of industrial grinding and finishing needs,” said Chris Holmes, vice president and general manager, 3M Abrasive Systems Division. 3M Abrasive Systems Division brings continuous innovation to surface modification through an ongoing commitment to meet customers’ evolving needs. Combining Winterthur with 3M will help extend 3M’s reach in numerous abrasives applications. “We believe 3M is the ideal strategic partner for a sustainable development of Winterthur,” said Dr. Edgar Rappold, Chairman of the Board of Directors of Winterthur. “3M's purchase offer is in the best interests of Winterthur, our shareholders, employees, clients and suppliers. The transaction promises a successful shared future for a company that is admired around the world for its power to innovate.” On a GAAP reported basis, 3M estimates the acquisition to be slightly dilutive to earnings in the first 12 months following completion of the transaction. Excluding purchase accounting adjustments and anticipated integration expenses, 3M estimates the acquisition to be slightly accretive to earnings over the same period. Winterthur employs approximately 1300 people with first six months 2010 sales of USD $114 million, up more than 30 percent over the same period last year. |
|
| aus der Diskussion: | 3m Company - seit 1958 jährlich steigende Dividenden |
| Autor (Datum des Eintrages): | R-BgO (14.12.10 11:31:10) |
| Beitrag: | 9 von 605 (ID:40705757) |
| Alle Angaben ohne Gewähr © wallstreetONLINE | |