3M and E Wood Holdings PLC announced Thursday that 3M will acquire UK-based E Wood for $78 million.
The deal is expected to close in April.
“The combination of 3M’s corrosion protection technologies and global presence with E Wood’s strong product line of specialty coatings for industrial markets repositions 3M as the premier source of protective solutions for oil, gas and water infrastructure,” said Richard Scott, general manager, 3M Corrosion Protection Products.
“We believe the joining with 3M with its strong resources and internationally admired technical focus, enables the business to minimize the risks and grow the opportunities more quickly and assuredly than we could on our own,” added Chris McDonnell, E Wood CEO.
E Wood is a manufacturer of high performance protective coatings for the oil, gas, water, rail and automotive industries.