3M (NYSE:MMM) announced today that it has entered into a definitive agreement to acquire HighJump Software Inc., a provider of supply chain execution software and solutions, including related trademarks and patents. Terms of the transaction were not disclosed, and the transaction is subject to regulatory approval and approval by HighJump Software's shareholders.
"Adding HighJump Software's suite of supply chain execution solutions gives 3M a powerful new platform to grow our existing service and solutions business, focused on helping customers optimize their business processes," said John Pohl, division vice president, 3M Industrial Services and Solutions Division. "HighJump Software brings to 3M tremendous market knowledge and experience, strong industry and channel relationships, and proven business practices."
Demand for supply chain execution solutions is growing as customers across many markets face increasingly complex supply chains driven globally by customer and regulatory requirements. HighJump Software provides a comprehensive suite of industry-leading and highly adaptable supply chain execution solutions. The suite includes advanced, tightly integrated, solutions for warehouse and yard management, transportation management, supply chain visibility and event management, trading partner collaboration, and data collection.
In January 2003, 3M launched the 3M Integrated Packaging Tool, a web-based, data-enabled packaging information management system. This tool is the first to integrate product information, package design and production systems to better manage compliance, time to market, product surety and packaging costs for customers in industries such as food and beverage, life sciences, chemical, and consumer packaged goods. Combining 3M's strong brand, global presence and business process excellence with HighJump Software's leading-edge supply chain execution expertise will help customers optimize their business processes across an even broader range of industries and geographies.
Commenting on the transaction, Chris Heim, chief executive officer, HighJump Software, said, "We are very excited about our future with 3M. This is the right thing to do for our customers and our employees. We'll be located in the same place, with the same strong focus on serving our customers. Our business has a strong history of innovation and growth. 3M's global strength and brand leadership will make us even stronger."
This transaction is expected to close in late January 2004, after regulators and HighJump Software's shareholders approve the transaction.
Forward-Looking Statements
The statements contained in this press release that are not purely historical are forward-looking statements, including statements regarding 3M's and HighJump Software'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 HighJump Software
Founded in 1983, HighJump Software is a $36 million, premier provider of robust, adaptable supply chain execution (SCE) solutions that deliver competitive advantage to manufacturers, distributors, retailers and third-party logistics companies. HighJump Software offers SCE solutions that can be easily and precisely tuned to fit the operational needs of a wide range of organizations from midsize to large companies and divisions of the Fortune 1000. HighJump Software's SCE systems are in use at more than 700 companies today. St. Paul Venture Capital and Gemini Partners are currently primary investors in HighJump Software.
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.
Scotch, Post-it, Scotchgard, Thinsulate, Scotch-Brite, Filtrete, Dyneon and O-Cel-O are trademarks of 3M.
HighJump Software is a trademark of HighJump Software.
3MMedia Contact:Stephen Sanchez, 651-737-5967orInvestor Contacts:Matt Ginter, 651-733-8206Bruce Jermeland, 651-733-1807
