ST. PAUL, Minn.--(BUSINESS WIRE)--3M announced today the preliminary final results of its tender offer for
shares of Winterthur Technologie AG. Shares representing 56.1 percent of
the shares of Winterthur were tendered during the offer period. Together
with shares purchased from shareholders outside of the offer process,
the tender offer will result in 3M owning 85.3 percent of Winterthur’s
shares.
“We are very pleased with the results of our offer,” said Chris Holmes,
vice president and general manager, 3M Abrasive Systems Division. “We
are looking forward to working closely with the company’s leadership to
establish our new relationship. As Winterthur’s most substantial
shareholder, we are eager to see that the company takes all necessary
steps to ensure its continued success.”
Pursuant to 3M’s agreement with Winterthur, a new board will be elected
at the earliest opportunity. “We would like to see the new board place a
priority on investing for the long-term,” said Holmes. “We believe the
focus should be on geographic expansion, acquisitions and new product
innovation.”
3M continues to believe that a complete merger between Winterthur and 3M
is in the best interest of all stakeholders, including customers,
employees and shareholders. Accordingly, 3M intends to continue to look
for opportunities to increase its stake in the company.
Definitive results of the offering will be announced on Mar. 3. 3M
previously announced its agreement to acquire Winterthur for CHF 62.00
per share.
Forward-Looking Statements
This news release contains forward-looking information about 3M’s
financial results and estimates and business prospects that involve
substantial risks and uncertainties. You can identify these statements
by the use of words such as “anticipate,” “estimate,” “expect,”
“project,” “intend,” “plan,” “believe,” “will,” “target,” “forecast” and
other words and terms of similar meaning in connection with any
discussion of future operating or financial performance or business
plans or prospects. Among the factors that could cause actual results to
differ materially are the following: (1) worldwide economic and capital
markets conditions; (2) the Company’s credit ratings and its cost of
capital; (3) competitive conditions and customer preferences;
(4) foreign currency exchange rates and fluctuations in those rates;
(5) the timing and acceptance of new product offerings; (6) the
availability and cost of purchased components, compounds, raw materials
and energy (including oil and natural gas and their derivatives) due to
shortages, increased demand or supply interruptions (including those
caused by natural and other disasters and other events); (7) the impact
of acquisitions, strategic alliances, divestitures, and other unusual
events resulting from portfolio management actions and other evolving
business strategies, and possible organizational restructuring;
(8) generating fewer productivity improvements than estimated; and
(9) legal proceedings, including significant developments that could
occur in the legal and regulatory proceedings described in the company’s
Annual Report on Form 10-K for the year ended December 31, 2010. Changes
in such assumptions or factors could produce significantly different
results. A further description of these factors is located in the Annual
Report under “Risk Factors” in Part I, Item 1A. The information
contained in this news release is as of the date indicated. The company
assumes no obligation to update any forward-looking statements contained
in this news release as a result of new information or future events or
developments.
About Winterthur
The Winterthur Technology Group (WTG), with registered office in Zug, is
a leading international supplier of complex grinding technology with
production works in Switzerland, Germany, Austria, Sweden, Belgium, the
USA, Russia, China and Korea. WTG holds a 40 % interest in Wendt (India)
Ltd., a stock market listed company. WTG is a holding company
incorporated under Swiss law and listed on the SIX Swiss Exchange. It
employed in 2008 over 1,500 persons and reported sales in excess of EUR
219 million in the year 2008. In close contact with its customers, the
company develops and manufactures high margin consumer goods in the
grinding technology segment with a high technology content, in
particular bonded grinding tools which are used in the cutting tool,
automotive, turbine, machine tool and steel industry. The Group’s main
brands are Winterthur, Wendt, Rappold and SlipNaxos. WTG products –
ceramic grinding wheels, synthetic resin bonded grinding wheels, cut-off
wheels, diamond and CBN grinding and dressing tools, together with
grinding machine tools – are distributed on all the relevant markets of
Europe, North and South America and Asia.
About 3M
3M captures the spark of new ideas and transforms them into thousands of
ingenious products. Our culture of creative collaboration inspires a
never-ending stream of powerful technologies that make life better. 3M
is the innovation company that never stops inventing. With $27 billion
in sales, 3M employs about 80,000 people worldwide and has operations in
more than 65 countries. For more information, visit www.3M.com
or follow @3MNews on Twitter.
