3M wraps up Polypore filtration business for U$ 1 billion
Multinational conglomerate, 3M, has signed an agreement to buy the separations media business of membrane specialist Polypore International for US$ 1billion cash.Polypore's separations media business manufactures microporous membranes and modules for filtration in the life sciences, industrial and specialty segments. Its sales for the year to September 2014 were US$ 210 million.
3M said it saw filtration as a "priority technology platform."
"Polypore's Separations Media business is an outstanding business that will expand our opportunities in many large and attractive segments," said 3M chairman, president and chief executive officer Inge G. Thulin.
According to 3M, Polypore's separations media business will add new technology to complement 3M's existing filtration business in life sciences, industrial, water treatment, electronics and foodservice.
"The acquisition of this ultrafiltration membrane technology will enhance 3M's core filtration platform and help generate new growth opportunities across the company," said Thulin.
3M's purification business, operates in residential water, commercial foodservice, industrial and life science filtration. The addition of the Polypore business will, according to 3M industrial business group executive vice president, Michael F. Roman enable 3M to: "Offer a broader array of products to both Polypore's and 3M's customers, which will accelerate the global growth of our membrane business."
Centerview Partners LLC acted as financial advisor to 3M.
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