ST. PAUL, Minn. (AP) -- Manufacturing conglomerate 3M Co. said Monday it has agreed to acquire MTI PolyFab Inc., a Canadian manufacturer of noise and vibration reduction technology for airplanes.
MTI said the acquisition price is $24 million.
The deal has been approved by MTI's board. The deal is expected to close in the second quarter.
MTI PolyFab had been exploring options for its business, including a potential sale, for more than a year.
The company has about 130 employees across Canada, Brazil and Germany.
3M shares fell 92 cents to $81.52 in afternoon trading.
