3M to Sell Static Control Business to Desco Industries, Inc.
December 15 2014 - 8:30AM
Business Wire
3M today announced that it has signed an agreement with Desco
Industries, Inc. (Desco) for Desco to purchase the assets of 3M’s
global Static Control business. 3M's Static Control business is a
provider of products and solutions that help prevent, detect, and
protect against Electrostatic Discharge (ESD) events. The
transaction is expected to close during the first quarter of 2015
after the successful completion of Desco’s financing and is subject
to customary closing conditions. Terms of the transaction were not
disclosed.
“A key to 3M’s long-term success is active portfolio management.
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,” said Herve Gindre, vice president and
general manager, 3M Electronics Materials Solutions Division.
“With more than 30 years in the ESD control industry, Desco is
excited by the opportunity to add 3M’s Static Control business to
our company. As we look to expand our footprint in the growing ESD
industry, Desco intends to continue developing and marketing
high-quality ESD control solutions,” said John Brake, chief
executive officer, Desco Industries, Inc. “We plan to work with 3M
to facilitate a smooth transition of the business for customers and
employees.”
3M’s Static Control business has annual global sales of about
$45 million. The business employs approximately 150 people
worldwide, with manufacturing operations in Sanford, N.C.
Substantially all of these employees are expected to transfer to
Desco.
About 3M
3M captures the spark of new ideas and transforms them into
thousands of ingenious products. Our culture of creative
collaboration inspires a never-ending stream of powerful
technologies that make life better. 3M is the innovation company
that never stops inventing. With $31 billion in sales, 3M employs
89,000 people worldwide and has operations in more than 70
countries. For more information, visit www.3M.com or follow @3M
News on Twitter.
About Desco
Desco Industries, Inc. (Desco), a privately held California
Corporation headquartered in Chino, Calif., is a global provider of
ESD control products used in the electronics production industry.
Desco has seven manufacturing locations in the U.S. and U.K., and
sales and warehousing offices in Japan and the U.K. Desco’s product
line includes wrist straps, foot grounders, work surface mats,
shielding bags, floor finish, floor mats, ionization, smocks,
continuous monitors, data acquisition and ESD audit equipment.
Desco’s products are available through distributors, resellers, and
direct online.
Media Contactsfor 3M:Jocelyn Parker, 651-737-6099orfor
Desco:Dave Bermani, 909-627-8178orInvestor Contactsfor
3M:Matt Ginter, 651-733-8206Bruce Jermeland, 651-733-1807
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