3M and I&T Innovation Technology announced today that they will collaborate to deliver flat flexible wiring systems for automotive interior applications to the global automotive market. Terms of the agreement were not disclosed.
The collaboration combines I&T's unique wiring systems with 3M's global network and strong technical capability to bring flat flexible cables to automotive original equipment manufacturers (OEMs) worldwide. Flat flexible cables provide automotive manufacturers a weight, space and cost-saving alternative to traditional round wire cables. The current trend toward more electronics in vehicle interiors requires an increasing amount of signal wiring in automobiles.
"Adding flat flexible wiring systems strengthens our solutions for the automotive industry and gives us an opportunity to grow our business in an expanding market," said Robert Brullo, division vice president, 3M Automotive Division. 3M provides more than 1,000 different products for automotive applications, including attachment tapes, bonding solutions, power train components, production consumables and trim and ornamentation.
"This alliance with 3M gives us an excellent opportunity to expand our business and supply automotive customers worldwide by leveraging 3M's extensive global network and brand strength," said Dr. Harald Reiszner, managing director, I&T Innovation Technology. "Moreover, 3M's leadership in attachment technologies will create an added value and further competitive advantage to our flat wiring products." I&T has developed the first fully-automated production line for flat wiring harnesses enabling production near its automotive customers.
Pending regulatory approval, the new relationship is expected to begin during the first quarter of 2005.
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 I&T Innovation Technology'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 I&T Innovation Technology
I&T Innovation Technology was founded in Austria in 1999. The company is focused on the development and production of extruded flat flexible cables and wiring harnesses, primarily for on-board applications in the automotive industry. Since 2003, several major automotive manufacturers have benefited from incorporating I&T's cost-effective technology into their vehicles. I&T also offers a flat printed circuit technology based on a patented additive technique that allows 3D-shaping and overmolding of the FPC with plastic material including 3D MID (molded interconnected device) parts for the automotive and electronics industries. Together these technologies offer a broad spectrum of possibilities for customer-specific solutions.
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 Scotch, Post-it, Scotchgard, Thinsulate, Scotch-Brite, Filtrete, Command and Vikuiti. Serving customers in more than 200 countries around the world, the company's 67,000 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, Command and Vikuiti are trademarks of 3M.
Media Contact:3M, St. PaulStephen Sanchez, 651-737-5967orI&T Innovation TechnologySilvia Kovacs, +43-2687-9000 ext. 103orInvestor Contacts:3MMark Colin, 651-733-8206or3MBruce Jermeland, 651-733-1807
