3M recently received a binding offer from Teledyne Technologies Inc. to purchase its gas and flame detection business for $230 million, subject to closing and other adjustments. The gas and flame detection business is part of 3M’s Personal Safety Division. 3M’s gas and flame detection business has annual global sales of approximately $120 million.
The transaction is expected to be completed in the second half of 2019, subject to customary closing conditions and regulatory approvals, while 3M’s acceptance of the binding offer is subject to the completion of consultation and information requirements with relevant works councils.
3M expects to record a gain of approximately $0.20 per diluted share from this divestiture.
For more information, visit www.3M.com.