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3M Co. told its workers Wednesday that it is acquiring a significant rival in the metal-abrasives industry. The move will make 3M an even larger player in metal-sanding products.
The purchase of California-based Standard Abrasives -- which 3M officials confirmed but said they won't formally announce until the deal closes -- will bring 3M about 375 employees, mostly in California and Ohio.
Financial terms were not disclosed.
Privately held Standard Abrasives owns brands such as BriteRite Nonwoven Abrasives and ScoAtt quick-change discs. It specializes in metal sanding discs, wheels and high-speed de-burring and polishing products. Its products compete with 3M's in the automotive industry, among others.
The deal, expected to close in the fourth quarter, would beef up one of 3M's core product lines.
3M, with more than $24 billion in annual sales, was founded more than 100 years ago as a maker of adhesive tapes and abrasive sandpapers. Major 3M abrasives brands include Scotch-Brite, Cubitron, and Trizact abrasive film belts.
Officials at 3M declined to comment on the deal, beyond confirming that an agreement had been signed. 3M has made a flurry of small purchases in the last two years while it also aggressively cut costs and more than 1,500 jobs, most of them through the sale of its pharmaceutical unit.
CEO George Buckley repeatedly has pledged to build up 3M's core tape and abrasives businesses through internal growth and small acquisitions. 3M does not disclose specific results on abrasives.
When the purchase of Standard Abrasives is complete, it will become part of 3M's industrial and transportation division, which reported $3.6 billion in sales for the first six months of 2007.
Dee DePass • 612-673-772
Dee DePass • ddepass@startribune.com
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