© 3M
Business | June 01, 2017
3M sells its Electronic Monitoring business
3M has entered into an agreement to sell its electronic monitoring business to an affiliate of Apax Partners, a global private equity advisory firm, for USD 200 million, subject to closing and other adjustments.
3M’s business, with annual sales of approximately USD 95 million, is a provider of electronic monitoring technologies, serving hundreds of correctional and law enforcement agencies around the world. Approximately 265 of 3M's global employees who support the electronic monitoring business are expected to transfer in connection with the sale.
“This divestiture is one of several actions we have taken to improve our portfolio,” said John Riccardi, vice president and general manager, Transportation Safety Division. “We are focusing on the rapidly changing trends in transportation safety and mobility, which include the connected roadways of the future.”
The transaction is expected to close in the third quarter of 2017, subject to customary closing conditions, regulatory approvals and consultation or information requirements with relevant works councils.
“This divestiture is one of several actions we have taken to improve our portfolio,” said John Riccardi, vice president and general manager, Transportation Safety Division. “We are focusing on the rapidly changing trends in transportation safety and mobility, which include the connected roadways of the future.”
The transaction is expected to close in the third quarter of 2017, subject to customary closing conditions, regulatory approvals and consultation or information requirements with relevant works councils.
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