3M Sells Off $50M Temporary Protective Films Business
3M will exit the temporary protective films business, it said Thursday, through the sale of its assets to Pregis LLC.
The Maplewood-based manufacturer did not disclose financial details of the deal, however, it did note the annual revenue of its temporary protective films business to be approximately $50 million.
“After completing an in-depth strategic portfolio review, we decided to exit this business and focus on investing in our core adhesives, sealants, and tapes business,” said Ty Silberhorn, vice president and general manager of 3M’s industrial adhesives and tapes division.
3M’s temporary protective films were primarily used in the automotive, appliance, metalworking, building and construction industries.
The products 3M sold within this division were mostly produced at the company’s Conover, North Carolina operation. 3M said the 90 employees for the business unit are expected to join Deerfield, Illinois-based Pregis.
“The impressive manufacturing operation, R&D expertise and employee skillset makes this acquisition a welcome addition to the Pregis family,” said Pregis CEO Kevin Baudhuin in a statement.
Pregis is known for its portfolio of packaging materials, equipment systems and surface protection products used across numerous consumer and industrial markets. Baudhuin noted 3M’s operations would be particularly useful in the expansion of its Surface Guard protective film offerings.
According to 3M, the deal is expected to close before the end of the year.