U.K.-based military technology provider Avon Rubber has completed its acquisition of 3M's (NYSE: MMM) ballistic protection business in an approximately $116M cash deal.
Maplewood, Minn.-based 3M said Thursday the transaction includes an initial payment of $91M and a contingent consideration worth potentially $25M.
Avon Rubber obtained rights to the Ceradyne brand as part of the agreement that was initially announced in August.
The acquired business manufactures body armor, ballistic helmets, flat armor and helmet attachments for law enforcement and government use.
3M expects nearly 280 employees who supported the unit will join Avon Rubber.
Avon Rubber offers radiological, biological, chemical and nuclear respiratory protection equipment to firefighting, law enforcement and military customers.
