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3M Tender Offer for Winterthur Technologie AG to Result in Majority Ownership

Friday, February 25, 2011 12:00 am CST

Dateline:

ST. PAUL, Minn.

Public Company Information:

NYSE:
MMM

ST. PAUL, Minn.--(BUSINESS WIRE)--3M announced today that it has received acceptances of its offer for shares of Winterthur Technologie that, when considered together with shares purchased by 3M, will result in 3M owning close to two-thirds of the shares of Winterthur. Based on the current rate of tenders, 3M expects to be substantially above two-thirds at the end of the additional acceptance period.

The additional acceptance period for the tender offer expires on Friday, Feb. 25, at 4:00 p.m. CET. Preliminary results of the offering will be announced on Feb. 28 and definitive results on Mar. 3. 3M previously announced its agreement to acquire Winterthur for CHF 62.00 per share.

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; (2) the Company’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 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; and (9) legal proceedings, including significant developments that could occur in the legal and regulatory proceedings described in the company’s Annual Report on Form 10-K for the year ended December 31, 2009 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 “Risk Factors” in Part I, Item 1A (Annual Report) and in Part II, Item 1A (Quarterly Report). The information contained in this news release is as of the date indicated. The company 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 Winterthur

The Winterthur Technology Group (WTG), with registered office in Zug, is a leading international supplier of complex grinding technology with production works in Switzerland, Germany, Austria, Sweden, Belgium, the USA, Russia, China and Korea. WTG holds a 40 % interest in Wendt (India) Ltd., a stock market listed company. WTG is a holding company incorporated under Swiss law and listed on the SIX Swiss Exchange. It employed in 2008 over 1,500 persons and reported sales in excess of EUR 219 million in the year 2008. In close contact with its customers, the company develops and manufactures high margin consumer goods in the grinding technology segment with a high technology content, in particular bonded grinding tools which are used in the cutting tool, automotive, turbine, machine tool and steel industry. The Group’s main brands are Winterthur, Wendt, Rappold and SlipNaxos. WTG products – ceramic grinding wheels, synthetic resin bonded grinding wheels, cut-off wheels, diamond and CBN grinding and dressing tools, together with grinding machine tools – are distributed on all the relevant markets of Europe, North and South America and Asia.

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 $27 billion in sales, 3M employs about 80,000 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 Contacts:
Donna Fleming Runyon, 651-736-7646
or
Investor Contacts:
Matt Ginter, 651-733-8206
or
Bruce Jermeland, 651-733-1807

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