3M is teaming up with Bain Capital to buy Madison Fire & Rescue for $1.95 billion as part of a deal to form a new fire and safety venture.
3M on Thursday said it will contribute its Scott Safety breathing-apparatus unit to the venture and receive $700 million in cash at closing, adding that it will own 50.1% of the new company, with private-equity firm Bain holding the rest.
3M and Bain are buying Madison Fire & Rescue, which sells a portfolio of rescue technology and fire-suppression products under the Holmatro, Amkus, Task Force Tips, Fire Fighting Systems and Waterax brands, from privately held Madison Industries in a deal slated to close in the second half of the year.
3M Company is an industrial group organized around four product families:
- industrial products, safety and graphics materials (45.6% of net sales): abrasive products, adhesives, cleaners, air and liquid filtration systems, anti-slip coating products, fire protection systems, road signage products, etc. The group also provides display equipment and graphics systems;
- electronics and energy products (33.2%): interconnection products, connectors, optical components, etc.;
- consumer goods (19.7%): adhesive tape, self-adhesive papers, filters, projectors, screen supports, etc.;
- other (1.5%).
Net sales are distributed geographically as follows: Americas (54.4%), Asia/Pacific (28.4%), and Europe/Middle East/Africa (17.2%).
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