3M today announced that it has signed an agreement with Desco Industries, Inc. (Desco) for Desco to purchase the assets of 3M’s global Static Control business. 3M's Static Control business is a provider of products and solutions that help prevent, detect, and protect against Electrostatic Discharge (ESD) events. The transaction is expected to close during the first quarter of 2015 after the successful completion of Desco’s financing and is subject to customary closing conditions. Terms of the transaction were not disclosed.
“A key to 3M’s long-term success is active portfolio management. As the result of a thorough strategic review, we have made the decision to exit the Static Control business and sell to Desco, a company fully focused on the Static Control industry and its evolving customer needs,” said Herve Gindre, vice president and general manager, 3M Electronics Materials Solutions Division.
“With more than 30 years in the ESD control industry, Desco is excited by the opportunity to add 3M’s Static Control business to our company. As we look to expand our footprint in the growing ESD industry, Desco intends to continue developing and marketing high-quality ESD control solutions,” said John Brake, chief executive officer, Desco Industries, Inc. “We plan to work with 3M to facilitate a smooth transition of the business for customers and employees.”
3M’s Static Control business has annual global sales of about $45 million. The business employs approximately 150 people worldwide, with manufacturing operations in Sanford, N.C. Substantially all of these employees are expected to transfer to Desco.
About 3M
3M captures the spark of new ideas and transforms them into thousands of ingenious products. Our culture of creative collaboration inspires a never-ending stream of powerful technologies that make life better. 3M is the innovation company that never stops inventing. With $31 billion in sales, 3M employs 89,000 people worldwide and has operations in more than 70 countries. For more information, visit www.3M.com or follow @3M News on Twitter.
About Desco
Desco Industries, Inc. (Desco), a privately held California Corporation headquartered in Chino, Calif., is a global provider of ESD control products used in the electronics production industry. Desco has seven manufacturing locations in the U.S. and U.K., and sales and warehousing offices in Japan and the U.K. Desco’s product line includes wrist straps, foot grounders, work surface mats, shielding bags, floor finish, floor mats, ionization, smocks, continuous monitors, data acquisition and ESD audit equipment. Desco’s products are available through distributors, resellers, and direct online.
Media Contactsfor 3M:Jocelyn Parker, 651-737-6099orfor Desco:Dave Bermani, 909-627-8178orInvestor Contactsfor 3M:Matt Ginter, 651-733-8206Bruce Jermeland, 651-733-1807
