HomeMy WebLinkAbout2014 12-15 3M selling static control business to Calif. company PIONEER PRESS 3M selling static control business to Calif.company I
Updated:711752074 04:40.04 PM CST TwinCities.com
Maplewood-based 3M Co.has agreed to sell its static control business to Chino,Calif.-based Desco Industries.
According to its news release,3M's static control business does about$5 million in annual global sales.It deals in"products and solutions that help prevent,detect and protect
against Electrostatic Discharge,"which can damage electronic devices.
Terms of the sale were not disclosed.
"A key to 3M's long-term success is active portfolio management,"said Herve Gindre,vice president of the company's Electronics Materials Solutions Division."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."
3M's 150 static control employees are expected to transfer to Desco.3M's static control manufacturing operations are based in Sanford,N.C.
The sale is expected to close during the first quarter of 2015.
Nick Woltman can be reached at 651-228-5189.Follow him on Twitter at ignickwoltman.