3M said on Tuesday that it would pay $2.5 billion to acquire Capital Safety, a Bloomington-based safety equipment manufacturer.
 
The purchase is meant to bolster the Maplewood-based company’s personal safety portfolio. Capital Safety makes products such as construction gear, seatbelts and harnesses.
 
“Personal safety is a large and strategically important growth business in the 3M portfolio,” CEO Inge G. Thulin said in a statement.
 
Capital Safety was previously owned by KKR, a global investment firm located in New York. The company has seen large growth over the past four years, including a compound annual growth rate of 10 percent and sales of approximately $430 million.
 
Capital Safety currently employs 1,500 people worldwide and has no layoff plans. With its acquisition, 3M is also assuming $700 million of Capital Safety’s debt.
 
3M’s stock remained largely unchanged by the news as of midday Tuesday.

Like what you just read? To receive business news directly in your inbox each Tuesday and Thursday, sign up for our free e-newsletter, Briefcase, and be sure to join the conversation by commenting below.