ST. PAUL, Minn.--(BUSINESS WIRE)--3M announced today that it has received acceptances of its offer for
shares of Winterthur Technologie that, when considered together with
shares purchased by 3M, will result in 3M owning close to two-thirds of
the shares of Winterthur. Based on the current rate of tenders, 3M
expects to be substantially above two-thirds at the end of the
additional acceptance period.
The additional acceptance period for the tender offer expires on Friday,
Feb. 25, at 4:00 p.m. CET. Preliminary results of the offering will be
announced on Feb. 28 and definitive results 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, 2009 and its
subsequent Quarterly Reports on Form 10-Q (the “Reports”). Changes in
such assumptions or factors could produce significantly different
results. A further description of these factors is located in the
Reports under “Risk Factors” in Part I, Item 1A (Annual Report) and in
Part II, Item 1A (Quarterly Report). 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.
