Hello, Guest!
  • Saturday, November 2, 2024

Avon Rubber Completes Buy of 3M Ballistic Protection Unit

Jeff Brody

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.

Video of the Day

Related Articles

Former L3Harris CEO William Brown to Succeed Michael Roman as 3M Chief Executive in May Executive Moves

Former L3Harris CEO William Brown to Succeed Michael Roman as 3M Chief Executive in May

William Brown, former chairman of the board and CEO of L3Harris Technologies (NYSE: LHX), will take on the role of chief executive of multinational conglomerate 3M (NYSE: MMM) on May 1. He will succeed Michael Roman, who will transition to the role of executive chairman of the board at 3M in May, the company said

Pentagon Signs $126M Contract to Increase 3M Mask Production Capacity Contract Awards

Pentagon Signs $126M Contract to Increase 3M Mask Production Capacity

The Department of Defense has awarded 3M (NYSE: MMM) a $126M contract to increase the company's monthly production of medical-grade masks for COVID-19 response. Lt. Col. Mike Andrews, a DoD spokesman, said in a statement posted Wednesday the company will work to produce 26M N95 masks every month beginning in October.

3M, Honeywell, O&M Halyward Awarded $133M in DoD Contracts for N95 Mask Production Contract Awards

3M, Honeywell, O&M Halyward Awarded $133M in DoD Contracts for N95 Mask Production

The Department of Defense has awarded contracts worth $133M combined to 3M (NYSE: MMM), O&M Halyward and Honeywell (NYSE: HON) to increase local production of N95 masks by over 39M in the next three months as part of the Defense Production Act Title 3 COVID-19 project.