HomeMy WebLinkAbout2015 08.26 3M Co. lowers earnings guidance after completing purchase of Polypore unit STAR TRIBUNE BUSINESS
3M Co. lowers earnings guidance after
completing purchase of Polypore unit
The$1 billion purchase of Separation Media business expected to
dilute earnings by 3 cents a share.
By Dee DePass(http://www.startribune.com/dee-depass/10644746/)Star Tribune
AUGUST 26,2015—10:23AM
3M Co.completed its$1 billion purchase of Polypore's Separation Media business
Wednesday and as a result lowered its earnings guidance for the year.
The Maplewood based conglomerate now said it expects full year 2015 earnings to be
$7.73 to$7.93 per share.It previously forecast$7.80 to$8 a share.
With Polypore's Separations Media business,3M gains an ultra filtration expert known
for its ability to remove tiny microscopic particles from water,blood and other liquids.
The business generates about$210 million in annual sales.It is expected to dilute 2015
earnings by 3 cents per share.
3M's shares rose 1.5 percent,or$1.69,to$13933 a share in early trading Wednesday.
The completion of the acquisition by 3M,marked just one part of the process involving
Polypore's parent.North Carolina-based Polypore International also announced
Wednesday that it has sold the remairung portion of itself to Japan-based Asahi Kasei for
about$2.2 billion.
The Polypore Separation Media buy is one of two large acquisitions announced by 3M
this year.
In June,3M Co.announced its largest acquisition—the$2.5 billion purchase of
Bloomington-based Capital Safety.The company makes rugged harnesses and other
safety equipment for workers in the construction,drilling and mining industries.
3M will announce its third quarter results on Oct.22.
ddepass@startribune.com 612-673-7725 DePassStrib