3M Co. is selling its gas- and flame-detection business to Teledyne Technologies for $230 million, officials announced Wednesday.
"After completing a thorough strategic review, we plan to divest the gas- and flame-detection business to focus on the other businesses within our personal safety portfolio," said 3M Personal Safety Division Vice President Bernard Cicut.
If approved by regulators, 3M expects to gain 20 cents a share from the divestiture. About 500 employees of the gas- and flame-detection business are expected to join Teledyne.
The unit has annual sales of $120 million and is known for its fixed and portable gas- and flame-detection products that sell under brand names of Oldham, GMI, Detcon, Simtronics and Scott Safety. 3M said it will retain the Scott Safety brand name after the transaction closes.
The division sale is the latest of several key changes for 3M on the heels of a disappointing first quarter. 3M has said it will cut 2,000 jobs and spend $6.7 billion to buy the wound-care products firm Acelity Inc.
3M also plans to reduce the number of its core business units from five to four.
3M's stock price fell 47 cents a share to close at $163.82 Wednesday.
Dee DePass • 612-673-7725
