3M has announced that it has entered into a definitive agreement to acquire General Industrial Diamond Company Inc. The transaction is expected to close later this month, according to a 3M spokesperson.
3M Spokesperson Donna Fleming has confirmed that company representatives have been onsite at both the Colorado and New Jersey General Industrial Diamond’s locations to meet with employees about the acquisition. The two locations employ approximately 100 people. Fleming also said the employee meetings have been going well.
“We do not have any plans at this time to move these locations,” Fleming said. “Employment will be offered to all existing employees.”
“Adding General Industrial Diamond’s bonded superabrasives enhances our existing product line and enables 3M to deliver cost reduction to our customers through manufacturing process improvements,” said Rosa Miller, division vice president in a recently released statement. “The combination of 3M’s technology and global presence with General Industrial Diamond’s strong product offering enables sales synergies and positions 3M as the premier source of engineering grinding and finishing solutions.”
General Industrial Diamond will become part of 3M’s Abrasive Systems Division with a proposed integration plan of six and 12 months. General Industrial Diamond is a manufacturer of superabrasive grinding wheels, dressing tools and machines used to dimension and finish hard-to-grind materials in industrial and commercial markets. At this time, all inquiries to General Industrial Diamond on the acquisition are being referred to 3M.