3M to Buy Tape Business from Taiwan Co.
Maplewood-based 3M Company, Inc., announced Monday that it has agreed to acquire the tape business of Taipei, Taiwan-based Alpha Beta Enterprise Company, Ltd.
Financial terms of the deal were not disclosed. The transaction is expected to be completed during the first quarter of 2011, pending customary closing conditions.
The acquisition of Alpha Beta, a manufacturer of box-sealing tape and masking tape, will strengthen 3M's industrial adhesives and tapes division-which offers a portfolio of products for bonding, masking, splicing, reinforcing, color coding, and case sealing, among other applications.
“3M's acquisition of Alpha Beta's tape product line further demonstrates our commitment as a leader in pressure sensitive tapes, enabling 3M to increase its ability to provide products for customers who desire performance and value,” Patrick Deconinck, vice president and general manager of 3M's industrial adhesives and tape division, said in a statement.
Alpha Beta's tape business-which employs about 290-will become a part of 3M's global tapes and adhesives business unit.
George Chao, 3M's managing director of operations in Taiwan, said in a press release that the acquisition of Alpha Beta's tape product line will expand the company's current manufacturing footprint in the Asia Pacific region.
The Alpha Beta acquisition is one of many recent purchases by the company. At the end of August, 3M announced plans to acquire Cogent, Inc., in a deal valued at $943 million. Cogent shareholders sought to block the proposed sale, but they were denied earlier this month by the Delaware Chancery Court.
3M also announced at the end of August that it had agreed to pay up to $230 million in cash to acquire Attenti Holdings, S.A.
3M-which provides technologies for the consumer, electronics, health care, industrial, and transportation markets-is among Minnesota's 10-largest public companies based on its 2008 revenue of $25.3 billion. The company reported revenue of $23.1 billion in 2009.