3M to purchase tape business of Tawain's Alpha Beta Enterprise, continues expanding manufacturing footprint in Asia-Pacific region; deal expected to close in Q1 2011
ST. PAUL, Minnesota
October 18, 2010
– 3M said Monday it agreed to buy the tape business of Alpha Beta Enterprise Co., a Taiwanese manufacturer of box sealing and masking tape.
Terms of the deal weren't disclosed. The deal is a sign that 3M, which made a pair of large technology-related acquisitions in August, is still focusing on expanding the base for which it's best known. 3M, which is based in St. Paul, Minn., makes office supplies like Post-Its and Scotch Tape as well as products like respirators and films for LCD TVs.
George Chao, managing director of 3M Taiwan, said the transaction allows the company to increase its manufacturing footprint in the Asia-Pacific region and expand 3M's product line for high-volume masking and packaging tapes.
The Alpha Beta Tape Business employs about 290 people. The deal is expected to close in the first quarter of 2011, pending closing conditions and regulatory approvals.
3M in August agreed to pay $230 million in cash for an Israeli company that makes ankle bracelets and other products used to keep track of people. 3M also agreed in August to pay $943 million for Cogent Inc., which develops systems that read finger and palm prints and makes iris and face recognition systems.
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