3M acquires Ceradyne
3M and Ceradyne Inc. have entered into a definitive agreement for 3M’s acquisition of Ceradyne for $35.00 per share.
The $860 million transaction is expected to close during the fourth quarter of this year. Headquartered in Costa Mesa, Calif., with operations in the U.S., Canada, China and Germany, Ceradyne has annual revenue of approximately $500 million.
Ceradyne develops advanced technical ceramics for applications in the automotive, oil and gas, solar, industrial, electronics and defense industries. Ceradyne will join the 3M Energy and Advanced Materials Division within 3M’s Industrial and Transportation Business. The 3M Energy and Advanced Materials Division provides materials for lightweight solutions and materials for performance in harsh environments to customers in a broad array of growth industries.
3M Industrial and Transportation Business Executive Vice President Chris Holmes said, “Ceradyne is a strong company with a great reputation, world-class technology in advanced ceramics, and leadership positions in the markets it serves. Ceradyne is an excellent complement to our existing businesses in transportation, energy markets and defense. By joining 3M, Ceradyne associates will have the opportunity to use the power of 3M’s global reach, culture of commercializing new products and operational discipline to accelerate this platform in serving our customers with highly valued solutions.”
“3M is renowned for its innovation, its R&D and its global reach,” said Joel Moskowitz, CEO, Ceradyne, Inc. “This is a great fit and I know that advanced ceramics technologies have a tremendous future within 3M and can contribute to the development of unique solutions for many demanding applications.”
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