3M announced today it has completed its acquisition of Meguiar’s Inc., the 100-year-old family business that manufactures the leading Meguiar’s brand of car care products for cleaning and protecting automotive surfaces. Terms of the transaction were not disclosed.
Meguiar’s brings its renowned products for everyone dedicated to maintaining a brilliant finish on their vehicles to 3M’s range of automotive aftermarket products. Meguiar’s products include waxes, polishes, cleaners, conditioners and protectants. Together, 3M and Meguiar’s will collaborate to deliver even more innovative high performance products for enthusiasts around the world.
3M’s Automotive Aftermarket Division provides a comprehensive line of 3M products for auto body repair professionals and auto enthusiasts. Products include abrasives and accessories, performance cleaning products, waxes, masking tapes, panel bonding adhesives, general adhesives coatings and sealers, paint finishing polishes and compounds, and paint application systems. Complementary acquisitions such as this support 3M’s growth strategy to strengthen its core businesses and expand into adjacent markets.
About Meguiar’s Inc.
For over 100 years, Meguiar’s Inc. has been providing Car Crazy people with specialized state-of-the-art formulations for making the appearance of cars “show car perfect.” Chosen by 20 out of 24 “Best of Class” winners at the 2008 Pebble Beach Concours d’Elegance, Meguiar’s provides highly specialized products for every automotive surface, including paint, wheels, tires, and interiors. As part of its passionate support for the car hobby, Meguiar’s sponsors more than 11,000 car shows globally and produces Meguiar’s Car Crazy Television and Radio that represent car enthusiasts worldwide.
A recognized leader in research and development, 3M produces thousands of innovative products for dozens of diverse markets. 3M’s core strength is applying its more than 40 distinct technology platforms – often in combination – to a wide array of customer needs. With $24 billion in sales, 3M employs 79,000 people worldwide and has operations in more than 60 countries. For more information, visit www.3M.com.
3MDonna Fleming Runyon, 651-736-7646orInvestor Contacts:Matt Ginter, 651-733-8206orBruce Jermeland, 651-733-1807