3M to acquire the Do-It-Yourself and Professional Business of GPI Group
23 Jul 2011
Diversified manufacturer 3M Co, best known for its yellow Post-it pads yesterday said that it had entered into an agreement to acquire the do-it-yourself and professional home improvement business of GPI Group of France, for an undisclosed sum.
GPI is a manufacturer and marketer of home improvement products such as tapes, hooks, insulation and floor protection products and accessories headquartered in France.
The French company is a part of the Gergonne Group, which was founded in 1962 and is based in Oyonnax, France.
GPI offers a wide array of products and solutions sold under such well-known brands as GPI, Plasto and Dinac, which address multiple do-it-yourself (DIY) needs of consumers in France and other European markets. The addition of GPI's products will expand 3M's product portfolio in core and complementary categories in the construction and home improvement markets.
The acquisition includes three of Gergonne Group's subsidiaries - GPI SAS, which makes adhesive tapes and insulation products; Plasto Adhesifs SAS, which makes similar products, and Dinac SAS, which makes floor protection products.
Maplewood-based 3M said the acquisition will expand its portfolio of products in the construction and home-improvement markets. It said in a statement, ''This acquisition will help us to build on our existing product platforms and accelerate our expansion and participation in home improvement channels globally''
