3M Co to buy Johnson Control International's safety gear business Scott Safety for $2 bn
16 March 2017
US diversified products giant 3M Co today struck a deal to buy Johnson Control International Plc's safety gear business, Scott Safety, for a total enterprise value of $2 billion.
Scott Safety designs, manufactures and sells high performance respiratory protection products, monitoring and sensor equipment and other protective solutions for the fire services, petroleum, chemical, construction, industrial and emergency services including first responders, law enforcement, military and civil defence.
Founded in 1932 by Earl Scott, Scott Safety started as an aviation components manufacturer based out Scott's garage in Lancaster, New York.
The North Carolina-based company has more than 34 products developed in the last five years, had annual revenues in 2016 of around $570 million, employs more 1,500 people worldwide and has operations in the UK, Finland, China, Australia and Mexico.
''Scott Safety is a recognized leader in the safety industry with a portfolio of strong products, brands, and a talented team of dedicated employees,'' said Frank Little, executive vice president, 3M Safety and Graphics Business Group.
''Combining 3M's products, brands and global capabilities in personal protective equipment with Scott Safety's well-regarded safety products will provide a broader array of safety products and solutions, enhancing our relevance to customers worldwide,'' he added.
St Paul, Minnesota-based 3M is a multinational technology giant operating in five segments including industrial, safety and graphics, electronics and energy, health care and consumer, providing innovative solutions and devices.
3M, known for its scotch brand tapes, has operations in more than 65 countries including 29 international companies and has manufacturing operations and 35 companies with laboratories.
3M's personal safety business, part of its safety and graphics business group, is a global provider of respiratory and hearing protection solutions, high-visibility apparel, protective clothing and eyewear etc. Annual revenue from the business is around $2.4 billion.
With $30 billion in annual sales, The Minnesota-based company employs 88,000 people worldwide and produces more than 55,000 products, Including adhesives, abrasives, laminates, passive fire protection, dental and orthodontic products, electronic materials, medical products, car-care products, electronic circuits, and optical films.