3M to acquire Winterthur Technologies AG
6 December 2010
3M has announced the acquisition of Winterthur Technologies for CHF 62.00 (USD $63.56) per share by way of a public tender offer. The proposed transaction has an aggregate value of approximately USD $448 million.
Winterthur is a leading global supplier of precision grinding technology serving customers in the growing area of hard-to-grind precision applications in industrial, automotive, aircraft, and cutting tools.
The merger is expected to be completed in the first quarter of 2011.
“Adding Winterthur enhances and extends our existing product line, enabling us to provide
“We believe 3M is the ideal strategic partner for a sustainable development of Winterthur,” said Dr. Edgar Rappold, Chairman of the Board of Directors of Winterthur. “3M’s purchase offer is in the best interests of Winterthur, our shareholders, employees, clients and suppliers. The transaction promises a successful shared future for a company that is admired around the world for its power to innovate.”
Winterthur Technologies AG (Winterthur) is a manufacturer and supplier of construction equipment. The product portfolio of the company includes ceramic grinding wheels, synthetic resin bonded grinding wheels, cutting-off wheels, diamond and CBN grinding and dressing tools, and grinding machines. Winterthur offers its products to automobile, turbine, machine tool and steel industries. The company offers its products under the brands Winterthur, Wendt, Rappold and SlipNaxos. Winterthur operates through its subsidiaries in Europe, Asia and the U.S. The company is headquartered at Zug, Switzerland. Winterthur employs approximately 1300 people with first six months 2010 sales of USD $114million, up more than 30 percent over the same period last year.
“Adding Winterthur enhances and extends our existing product line, enabling us to provide solutions for a broader range of industrial grinding and finishing needs,” said Chris Holmes, vice president and general manager, 3M Abrasive Systems Division. Combining Winterthur with 3M will help extend 3M’s reach in numerous abrasives applications.
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