3M has announced about its entering into an agreement with Avon Rubber p.l.c. to purchase the advanced ballistic-protection business of 3M for $91 million, subject to closing and other adjustments. A further contingent consideration of up to $25 million is payable depending on the outcome of pending tenders. The ballistic-protection of 3M is a part of the advanced materials business of Avon Rubber, a provider of advanced chemical, biological, radiological and nuclear respiratory protection systems for military, law enforcement and fire customers.
3M, as a part of ongoing portfolio management, has decided to sell this business and focus on other businesses within its Advanced Materials Division. The ballistic-protection business consists of ballistic helmets, body armor, flat armor and related helmet-attachment products serving government and law enforcement. It has annual global sales of approximately $85 million.
“I would like to extend my sincere appreciation to every member of the team for their hard work and dedication to this business,” said Tim Koenig, vice president and general manager, 3M Advanced Materials Division. “Through their efforts, this business is well known as a trusted leader in the industry and we believe Avon Rubber is a very good fit to carry it forward.”
The Advanced Materials Division is a part of the Transportation & Electronics Business Group and is known to remain focussed on served its customers with innovative, value-creating materials including fluoropolymers, ceramics, glass bubbles and other highly engineered materials and products.
This transaction is subject to customary closing conditions and regulatory approvals and is expected to be completed by late 2019 or may be by early 2020. About 280 number of 3M employees are expected to join Avon Rubber to primarily support the business.