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 insulation.
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).
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 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.
3M, St. PaulStephen Sanchez, 651-737-5967 (Media)Matt Ginter, 651-733-8206 (Investors)Bruce Jermeland, 651-733-1807 (Investors)
