"Cautionary Note Concerning Factors That May Affect Future Results"
ST. PAUL, Minn.--(BUSINESS WIRE)--3M (NYSE:MMM) announced today that it has completed its acquisition of
Ceradyne, Inc. effective as of November 28, 2012, pursuant to the
previously announced merger agreement among Ceradyne, 3M, and 3M’s
wholly owned subsidiary, Cyborg Acquisition Corporation, through the
merger of Cyborg Acquisition Corporation with and into Ceradyne. As a
result of the merger, Ceradyne is now a wholly owned subsidiary of 3M.
The combination of Ceradyne and 3M will enable new technologies and
innovation for uniquely tailored materials requiring advanced ceramics.
Ceradyne will join the 3M Advanced Materials Division within 3M’s
Industrial Business Group. The 3M Advanced Materials Division provides
valued materials for lightweight solutions and materials for performance
in harsh environments to customers in a broad array of growth industries.
Forward-Looking Statements
This news release contains forward-looking information about 3M’s
financial results and estimates and business prospects that involve
substantial risks and uncertainties. You can identify these statements
by the use of words such as “anticipate,” “estimate,” “expect,”
“project,” “intend,” “plan,” “believe,” “will,” “target,” “forecast” and
other words and terms of similar meaning in connection with any
discussion of future operating or financial performance or business
plans or prospects. Among the factors that could cause actual results to
differ materially are the following: (1) worldwide economic and capital
markets conditions and other factors beyond 3M’s control, including
natural and other disasters affecting the operations of the Company or
its customers and suppliers; (2) 3M’s credit ratings and its cost of
capital; (3) competitive conditions and customer preferences; (4)
foreign currency exchange rates and fluctuations in those rates; (5) the
timing and market acceptance of new product offerings; (6) the
availability and cost of purchased components, compounds, raw materials
and energy (including oil and natural gas and their derivatives) due to
shortages, increased demand or supply interruptions (including those
caused by natural and other disasters and other events); (7) the impact
of acquisitions, strategic alliances, divestitures, and other unusual
events resulting from portfolio management actions and other evolving
business strategies, and possible organizational restructuring; (8)
generating fewer productivity improvements than estimated; (9) security
breaches and other disruptions to 3M’s information technology
infrastructure; and (10) legal proceedings, including significant
developments that could occur in the legal and regulatory proceedings
described in 3M’s Annual Report on Form 10-K for the year ended December
31, 2011 and its subsequent quarterly reports on Form 10-Q (the
“Reports”). Changes in such assumptions or factors could produce
significantly different results. A further description of these factors
is located in the Reports under “Cautionary Note Concerning Factors That
May Affect Future Results” and “Risk Factors” in Part I, Items 1 and 1A
(Annual Report) and in Part I, Item 2 and Part II, Item 1A (Quarterly
Report). The information contained in this news release is as of the
date indicated. 3M assumes no obligation to update any forward-looking
statements contained in this news release as a result of new information
or future events or developments.
About Ceradyne, Inc.
Founded in 1967, Ceradyne has diversified its product lines to capture
opportunities created by the growing demand for better materials
performance. Ceradyne develops, manufactures and markets advanced
technical ceramic products and components for defense, industrial,
energy, automotive/diesel and commercial applications. Additional
information can be found at Ceradyne’s website: www.Ceradyne.com.
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 $30 billion
in sales, 3M employs 84,000 people worldwide and has operations in more
than 65 countries. For more information, visit www.3M.com
or follow @3MNews on Twitter.
Contact:
3M Media Contact: Donna Fleming Runyon, 651-736-7646 or Investor Contacts: Matt Ginter, 651-733-8206 or Bruce Jermeland, 651-733-1807