3M Buys Engineered Materials Manufacturer
Maplewood-based 3M Company said Tuesday that it has acquired Nida-Core Corporation, a manufacturer of structural honeycomb core and fiber-reinforced foam core engineered materials.
Financial terms of the deal were not disclosed. Port St. Lucie, Florida-based Nida-Core employs 25 people.
3M said that the acquisition builds upon its composite and engineered matereals portfolio-which already delivers engineered solutions to various industrial applications, including composite resins and industrial fastening solutions.
Nida-Core provides high-strength, low-weight engineered materials, which it provides to general industrial markets, including transportation, marine, and renewable energy. It manufactures and distributes light, strong, durable, and, virgin and/or recycled engineered products that are sold in more than 50 countries. The products are used in wind blades, boats, solar panels, trucks, cars, buildings, skis, sporting accessories, planes, buses, tanks, and pools, among other applications.
Nida-Core is the latest in a long series of recent acquisitions for 3M. The company closed 11 deals in 2010, and two remaining transactions-for the purchase of Alpha Beta and Winterthur-are expected to close in the first quarter of 2011. Between 2005 and 2009, 3M has closed on 60 deals.
The company indicated in December that it expects to spend between about $2 billion and $3 billion on mergers and acquisitions activity in 2011-and that figure includes the deals expected to close in the first quarter. 3M is Minnesota's fifth-largest public company based on revenue, which totaled $23.1 billion in 2009. Its 2010 financial results have not yet been released.