HomeMy WebLinkAbout2015 10-06 3M to sell its library service division PIONEER PRESS 3M to sell its library services division
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Updafed:10/062015 04:12:21 PM CDT TwinCities.com
3M said Tuesday it is selling its North American and global Library Systems business to One Equity Partners Capital
Advisors.The company said the sale of the North American business is complete and the global sale is expected to close
by the end of the year.
3M's Library Systems division was responsible for a Cloud Library service offered to public libraries.Wth it,the libraries are
able to provide ebooks for checkout via branch kiosks or patron devices.
The St.Paul Public Library is one 3M Cloud Library customer.The sale,however,creates uncertainty for public-library
patrons who have depended on Cloud Library to score the latest bestsellers in digital form.
3M's library business posted global sales over the last 12 months of about$100 million,the company said Tuesday.
John Riccardi,vice president and general manager,3M Traffic Safety and Security Division said the reason for the sale
was for 3M to"focus on our core businesses such as reflective traffc safety and vehicle identification solutions,and our
public security identification and monitoring portfolio."
Terms of the sale were not disclosed.Maplewood-based 3M said it expects the earnings impact from the transactions to be
offset by additional portfolio management actions in the fourth quarter of 2015.
3M also announced Tuesday that it intends to sell its French Faab Fabricauto division,which makes license plates and
signs to U.K.-based Hills Numberplates.