3M Goes On Acquisition Spree; Posts Increased Sales

Aug. 6, 2010
CP 50 company's growth strategy delivers in uncertain times.

St. Paul, Minn.-based 3M recently reported its sales and per-share earnings increased 17.7% and 37.5%, respectively, versus the second quarter of 2009. In addition, the firm announced a couple of acquisitions — a supplier of disposable protective clothing, a manufacturer of hand hygiene and skin care products, and a manufacturer of thermal and acoustic insulation.

"Our growth strategy continues to gain momentum as we again delivered strong top-line growth and outstanding leverage to the bottom line," says George W. Buckley, 3M chairman, president and CEO. "I thank the 3M team around the world for continuing to deliver during these uncertain times."

And deliver the team did – on several new additions to 3M brands. The acquisition of Dailys Ltd., a supplier of non-woven disposable protective clothing, primarily chemical protective coveralls for industrial use, is said to broaden 3M's protective apparel portfolio.

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"Adding products from Dailys will accelerate our presence in disposable protective clothing not only in the U.K. but globally as well," said Jim McSheffrey, managing director, 3M United Kingdom.

Dailys employs 26 people and is located in Ellesmere Port, U.K.

In addition, 3M has acquired J.R. Phoenix Ltd., a Canadian manufacturer of hand hygiene and skin care products for health care and professional use — with the goal of building its product line of hand sanitizers and skin creams.

J.R. Phoenix products are compatible with formulations containing the well-known antiseptic agent chlorhexidine gluconate (CHG), and are formulated for frequent hand washers. Its hand hygiene products are sold under the Laura Line brand in Canada.

"Adding the Laura Line brand to our offering allows us to deliver a complete line of hand hygiene skin care products to the healthcare market in Canada," added Brian Young, president and general manager, 3M Canada.

3M also completed its acquisition of PolyFab Inc., a manufacturer of thermal and acoustic insulation for the aerospace industry.

MTI PolyFab designs and manufactures a light-weight thermal and acoustic insulation system for aerospace customers to address unwanted airborne and structure-borne noise in aircraft. The combination of MTI PolyFab products with those of 3M’s wholly owned subsidiary, Aearo Technologies LLC, will provide a range of solutions to the aerospace industry.

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