3M Inks $91M Deal to Sell Ballistic-Protection Biz to U.K. Firm
3M is jettisoning another business segment.
On Wednesday, the St. Paul-based manufacturer said it found a U.K. buyer for its advanced ballistic-protection business.
U.K.-based Avon Rubber p.l.c. plans to buy the business unit for $91 million, according to a 3M press release.
3M’s line of ballistic-protection products includes helmets and body armor for law enforcement and military. The ballistic-protection unit is part of the company’s advanced materials business.
3M opted to sell the business unit as part of “ongoing portfolio management.” The company aims to focus on other businesses within the advanced materials division, according to the release.
The company believes that Avon Rubber is “a very good fit” to carry the ballistic-protection unit forward.
The transaction is slated to wrap up later this year or early next, depending on customary closing conditions and regulatory approvals, 3M officials said.