3M has completed the sale of its helmet and armor ballistic-protection business to U.K.-based Avon Rubber for $91 million.
The price tag for the deal, originally announced in August, could rise by another $25 million, depending on the outcome of pending contract bids, company officials said Thursday.
The divested business, which had been part of 3M’s Advanced Materials Division, makes ballistic helmets, body armor and helmet attachments used by the military and police. About 280 3M employees are expected to transfer to Avon now that the sale is complete.
Avon provides advanced chemical, biological, radiological and nuclear respiratory protection systems for military, law enforcement and fire customers.
3M said it would continue its other advanced materials work, which deals with fluoropolymers, ceramics, glass bubbles and other highly engineered materials. 3M’s stock price rose 2% Thursday to close at $180.