Gemalto to Buy 3M's Identity-Management Business for $850 Million
December 08 2016 - 9:06PM
Dow Jones News
By Maria Armental
Digital security firm Gemalto NV has agreed to buy 3M Co.'s
identity-management business for $850 million, 3M said
Thursday.
The business, with about $215 million in sales a year, includes
3M Cogent, which 3M bought in 2010, and focuses on biometric
systems, such as fingerprint and iris scanners, along with systems
to issue and read secure documents, such as passports and identity
cards.
The sale is expected to close in the first half of 2017.
3M said about 450 of its employees are expected to transfer to
Netherlands-based Gemalto.
St. Paul, Minn.-based 3M, whose products include Post-it Notes
and Scotch tape, has reported lower sales for seven quarters
running. Through Sept. 30, its profit was up 2.6% though sales slid
0.85% to $22.78 billion.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
December 08, 2016 20:51 ET (01:51 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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