3M acquires 100% of Japanese subsidiary


3M (NYSE:MMM) has announced it will buy Sumitomo Electric Industries' (OTCPK:SMTOY) 25% stake in Sumitomo 3M for $885M - taking full control of the subsidiary.

"This investment allows us to gain full control of one of 3M's most successful subsidiaries," says CEO Inge G. Thulin. "It is a strategic acquisition in a business we know well, as we have grown the business profitably for over 50 years."

The purchase is expected to close on September 1, an add approximately $0.08 per share to its earnings during the year thereafter.

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