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.

From other sites
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs