3M to Sell Identity Management Business
December 08 2016 - 7:27PM
Business Wire
3M announced today that it has entered into agreements to sell
the identity management business within its Traffic Safety and
Security Division, to Gemalto, the world leader in digital
security, for $850 million, subject to closing and other
adjustments.
3M’s identity management business is a leader in identity
management solutions providing biometric hardware and software that
enable identity verification and authentication, as well as secure
materials and document readers. The business includes 3M Cogent,
Inc., a wholly owned subsidiary of 3M, which provides a full
spectrum of biometric solutions with a focus in law enforcement,
border control and civil identification. 3M’s identity management
business has annual global sales of approximately $215 million.
“After completing a thorough strategic review, we believe that
the identity management business will be better positioned with a
company that is primarily focused on security solutions,” said John
Riccardi, vice president and general manager, Traffic Safety and
Security Division, which is part of 3M’s Safety & Graphics
Business. “I want to thank our employees for their outstanding
contributions to our business.”
The transaction is expected to close during the first half of
2017 and is subject to customary closing conditions, regulatory
approvals and consultation or information requirements with
relevant works councils. Approximately 450 3M employees are
expected to transfer to Gemalto with the acquisition.
Upon completion of the sale, 3M will record a gain related to
the transaction, and in addition, will incur various charges as it
continues to make investments to drive growth and improve
productivity.
Goldman, Sachs & Co. acted as the exclusive financial
advisor to 3M.
About 3MAt 3M, we apply science in collaborative ways to
improve lives daily. With $30 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.
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3MMedia Contact:Lori Anderson, 3M,
651-733-0831orInvestor Contacts:Bruce Jermeland,
651-733-1807orMike Kronebusch, 651-733-1141
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