3M offloads advanced ballistic-protection business

|About: Avon Rubber p.l.c. (AVNBF)|By:, SA News Editor

Avon Rubber (OTCPK:AVNBF) has agreed to purchase 3M's (NYSE:MMM) advanced ballistic-protection business for $91M, subject to closing and other adjustments.

A further contingent consideration of up to $25 million is payable depending on the outcome of pending tenders.

The ballistic-protection business consists of ballistic helmets, body armor, flat armor and related helmet-attachment products serving government and law enforcement. It has annual global sales of approximately $85M.

3M expects the earnings per share impact of this divestiture to be neutral.

MMM +0.2% premarket

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