Jason Hanlon's phone number in contact information should read: +886-2-2827-7996 (sted +886-2-2827-7669).
The corrected release reads:
3M TO ACQUIRE TAPE BUSINESS FROM ALPHA BETA ENTERPRISE CO. LTD.
3M announced today that it has entered into a definitive agreement to acquire the tape-related assets of Alpha Beta Enterprise Co. Ltd., a leading manufacturer of box sealing tape and masking tape headquartered in Taipei, Taiwan.
Alpha Beta has expanded its market breadth and strength year after year through its relentless commitment to lean manufacturing processes. Today, Alpha Beta is recognized around the world as one of the leading manufacturers of general purpose box sealing and masking tapes.
“3M’s acquisition of Alpha Beta’s tape product line further demonstrates our commitment as a leader in pressure sensitive tapes, enabling 3M to increase its ability to provide products for customers who desire performance and value,” said Patrick Deconinck, vice president and general manager, 3M Industrial Adhesives and Tapes Division. “This transaction also will allow us to increase our manufacturing footprint in the Asia Pacific region and expand 3M’s product line for high-volume masking and packaging tapes,” added George Chao, managing director, 3M Taiwan.
Based on more than 50 years experience in adhesive technologies, 3M’s Industrial Adhesives and Tapes Division (IATD) offers products for bonding, protecting, masking, enhancing, shielding, damping, splicing, reinforcing, color coding, case sealing and more. Complementary acquisitions such as this support 3M’s core industrial tapes business as an enduring franchise.
The Alpha Beta Tape Business employs approximately 290 people with headquarters in Taipei and manufacturing operations in Kuan-Yin. The transaction is expected to be completed in the first quarter 2011, subject to customary closing conditions and regulatory approvals. Upon completion of the transaction, the Alpha Beta Tape Business will become a part of IATD’s Global Tapes and Adhesives (GTA) Business Unit.
About Alpha Beta Tape Business
With more than 28 years of experience and working with over 62 countries worldwide, Alpha Beta has advanced manufacturing equipment and coating lines. Its automation and computerized equipment is the key to keeping close track of production and inventory and maintaining consistency and quality. Alpha Beta manufactures millions of square meters of tapes every year, from BOPP box-sealing tape to masking tape with its newest addition of Hot Melt tapes.
About 3M
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 $23 billion in sales, 3M employs 75,000 people worldwide and has operations in more than 65 countries. For more information, visit www.3M.com or follow @3MNews on Twitter.
Media Contacts:Donna Fleming Runyon, 3M651-736-7646orJason Hanlon, Alpha Beta+886-2-2827-7996orInvestor Contacts:Matt Ginter, 3M651-733-8206orBruce Jermeland, 3M651-733-1807
