Liquid Technologies Complement Powder Coatings for Pipelines in Oil, Gas and Water Markets
3M and E Wood Holdings PLC announced today an offer to acquire the entire issued and to be issued share capital of E Wood Holdings PLC, a North Yorkshire, UK-based manufacturer of high performance protective coatings for oil, gas, water, rail and automotive industries. The board of E Wood has recommended the offer to E Wood shareholders.
The offer values E Wood shares at approximately £40.17 million, or $78 million. 3M has offered 323 pence, approximately $6.28 per E Wood share. The transaction is expected to close in April, subject to customary closing conditions, regulatory approvals, and obtaining the requisite E Wood shareholder acceptances.
E Wood’s expertise in liquids technologies for new pipes and rehabilitation coatings for existing pipes in oil, gas and water markets complements 3M’s core corrosion protection product offering of external powder coatings for new oil and gas pipelines. This acquisition provides 3M enhanced access to key markets, including the rehabilitation of existing oil and gas pipelines, and the protection and rehabilitation of water pipelines and infrastructure.
“The combination of 3M’s corrosion protection technologies and global presence with E Wood’s strong product line of specialty coatings for industrial markets positions 3M as the premier source of protective solutions for oil, gas and water infrastructure,” said Richard Scott, general manager, 3M Corrosion Protection Products.
E Wood sells high performance coatings for use in the oil, gas, water, rail and automotive industries under the Copon brand. Its Thortex and Thistlebond brands include a range of industrial maintenance products for the long-term protection of buildings, structures and machinery equipment operating in industrial and marine environments.
“We believe that joining with 3M with its strong resources and internationally admired technical focus, enables the business to minimize the risks and grow the opportunities more quickly and assuredly than we could on our own,” said Chris McDonnell, CEO, E Wood.
About E Wood
E Wood was established by Ebeneezer Wood as a limited company in 1882 in the dockland area of London to make and sell paints and varnishes. During the period from 1945 to 1987, the company expanded its activities and moved into the manufacture and production of industrial coatings, decorative coatings and specialized materials, and established a reputation as a manufacturer of high quality coatings and compositions for almost any type of industry or environment. Today, E Wood has distributors in over 85 countries around the world and more than 60 percent of production goes into export activities. E Wood employs 150 people at its Northallerton manufacturing site.
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 around the world, the people of 3M 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, Command and Vikuiti are trademarks of 3M.
Copon, Thortex and Thistlebond are trademarks of E Wood.
3M, St. PaulMedia Contacts:Donna Fleming, 651-736-7646orUnited Kingdom:John Klee, 44 (0) 1344 858 516orE WoodJames Leek, 44 (0) 2089 445 667orInvestor Contacts:3M, St. PaulMatt Ginter, 651-733-8206orBruce Jermeland, 651-733-1807
