3M today announced that it has completed the sale of the company’s advanced-ballistic protection business to Avon Rubber p.l.c. for $91 million, before closing and other adjustments. A further contingent consideration of up to $25 million is payable depending on the outcome of pending tenders.
Avon Rubber is a provider of advanced chemical, biological, radiological and nuclear respiratory protection systems for military, law enforcement and fire customers.
The business, formerly part of 3M’s Advanced Materials Division, consists of ballistic helmets, body armor, flat armor, and related helmet-attachment products serving government and law enforcement.
The Advanced Materials Division, a part of the Transportation & Electronics Business Group, remains focused on serving its customers with innovative, value-creating materials including fluoropolymers, ceramics, glass bubbles and other highly engineered materials and products. Approximately 280 3M employees, who primarily support the business, are expected to join Avon as a result of the sale.
The impact of the transaction is neutral to earnings per share.
Date: Jan 2, 2020