3M Completes Acquisition of Polypore’s Separations Media Business
August 26 2015 - 9:16AM
Business Wire
Company Updates 2015 Earnings Guidance to
Include Recently Closed Acquisitions
3M announced today that it has completed its acquisition of the
assets and liabilities associated with Polypore’s Separations Media
business from Polypore International Inc. for a purchase price of
$1.0 billion.
Polypore’s Separations Media business is a leading provider of
membranes and modules for blood treatments, ultrafiltration and gas
transfer in the life science, electronic, industrial, and specialty
segments. 3M is a leader in residential water, commercial
foodservice, industrial and life science filtration. Adding
Polypore’s Separations Media business builds on 3M’s fundamental
strengths in technology, manufacturing, global capabilities, and
brand. Polypore’s Separations Media business has annual global
sales of approximately $210 million.
With this acquisition, 3M will be able to offer a broader array
of products to customers, which will help meet customers’ emerging
needs for high-value filtration solutions and accelerate the global
growth of 3M’s membrane business. Polypore’s Separations Media
business will become part of the 3M Membranes business unit within
3M’s Industrial Business Group.
On a GAAP reported basis, 3M estimates the Polypore Separations
Media acquisition to be $0.03 per share dilutive to 2015
earnings.
3M updated its 2015 earnings guidance to include the estimated
impacts from the recently closed acquisitions of Capital Safety and
Polypore’s Separations Media business. The company’s previous
guidance excluded the estimated impacts from these pending
transactions at that time.
Including these transactions, 3M now expects full-year 2015 GAAP
earnings per share to be in the range of $7.73 to $7.93 versus its
previous guidance of $7.80 to $8.00. The $0.07 per share adjustment
will largely be incurred in the third quarter.
About 3MAt 3M, we apply science in collaborative ways to
improve lives daily. With $32 billion in sales, our 90,000
employees connect with customers all around the world. Learn more
about 3M’s creative solutions to the world’s problems at www.3M.com
or on Twitter @3M or @3MNewsroom.
Forward-Looking StatementsThis 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," "aim," "project,"
"intend," "plan," "believe," "will," "should," "could," "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 the Company's control, including natural and other
disasters affecting the operations of the Company or its customers
and suppliers; (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 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)
unanticipated problems or delays with the phased implementation of
a global enterprise resource planning (ERP) system, or security
breaches and other disruptions to the Company's information
technology infrastructure; and (10) 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, 2014, 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. 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150826005613/en/
3MMedia Contact:Donna Fleming Runyon,
651-736-7646orInvestor Contacts:Bruce Jermeland,
651-733-1807orMike Kronebusch, 651-733-1141
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