ST. PAUL, Minn.--(BUSINESS WIRE)--3M announced today that it has entered into an agreement to acquire
Hornell International, a global supplier of personal protective
equipment for welding applications based in Gagnef, Sweden, including
related trademarks and patents, for 750 million SEK (approximately $100
million) in cash including assumption of debt. The transaction is
subject to regulatory approval.
"Combining Hornell's strong products and technology for eye, face and
respiratory protection in welding applications with our full spectrum of
health and safety products enhances our business and will accelerate
3M's growth in the global safety market," said Mike Kelly, division vice
president, Occupational Health and Environmental Safety Division.
Hornell's Speedglas brand auto-darkening filter welding helmets and
Adflo brand respiratory protection equipment broaden 3M's offering and
increase its access to a fast-growing segment in the welding industry.
Auto-darkening filters detect light from the welding arc and virtually
instantly reduce the visible light that reaches welders' eyes and
filters harmful infrared and ultraviolet light. Demand for
auto-darkening filter helmets continues to grow as welders seek new
technologies to increase safety and productivity.
For decades, 3M has provided customers with innovative technologies and
solutions that help increase personal safety and productivity. 3M is a
recognized leader in personal protective equipment in the markets it
serves, including first responder, industrial manufacturing, automotive,
shipbuilding, military and consumer markets. Hornell's products and
technology complement 3M's line of personal protective equipment which
includes respirators; hearing protection; head, eye and face protection;
as well as reflective materials for clothing, and thermal and acoustical
Commenting on the transaction, Krister Larnmark, president and CEO,
Hornell, said, "Teaming up with 3M gives us an excellent opportunity to
expand our business into new markets and geographies by leveraging 3M's
extensive global network, market diversity and technical leadership."
Hornell International has for the last eight years been owned and
managed by the founder Dr. Ake Hornell and the private equity firms 3i
Group (UK) represented by Accent Equity Partners (Sweden) and Skandia
Investment (Sweden) represented by Priveq Partners (Sweden).
The statements contained in this press release that are not purely
historical are forward-looking statements, including statements
regarding 3M's and Hornell's expectations, beliefs, hopes, intentions or
strategies regarding the future. All forward-looking statements included
in this press release are based upon information available to the
companies as of the date hereof, and the companies assume no obligation
to update any such forward-looking statement.
About Hornell International
Hornell is a $49 million company that provides personal protective
equipment for welders, including Speedglas auto-darkening filters, Adflo
respiratory protection devices, and other innovative solutions. Based in
Gagnef, Sweden, Hornell employs 215 people.
About 3M -- A Global, Diversified Technology Company
Every day, 3M people find new ways to make amazing things happen.
Wherever they are, whatever they do, the company's customers know they
can rely on 3M to help make their lives better. 3M's brands include
icons such as Scotch, Post-it, Scotchgard, Thinsulate, Scotch-Brite,
Filtrete, Dyneon and O-Cel-O. Serving customers in more than 200
countries around the world, the company's 70,000 people use their
expertise, technologies and global strength to lead in major markets
including consumer and office; display and graphics; electronics and
telecommunications; safety, security and protection services; health
care; industrial and transportation.
3M, Scotch, Post-it, Scotchgard, Thinsulate, Scotch-Brite, Filtrete,
Dyneon and O-Cel-O are trademarks of 3M.
Speedglas and Adflo are trademarks of Hornell.