ST. PAUL, Minn. (AP) — Diversified conglomerate 3M Co. said Thursday it agreed to buy Aearo Technologies Inc., a personal protection products maker, for $1.2 billion.
The acquisition will be financed through cash and other borrowings, the Post-it and Scotch tape maker said.
Aearo is owned by its management and by funds advised by private equity firm Permira. It sells eye, hearing and fall protection products.
3M said the acquisition will expand its occupational health and environmental safety business. The company already offers helmets, respiratory protection and other safety products for industrial, military, consumer and other uses.
The deal is expected to close in the first quarter of next year. 3M does not expect the purchase to affect its 2007 earnings-per-share outlook.
