3M today announced that it has completed its acquisition, through Sumitomo 3M Ltd., of Sumitomo Electric Industries Ltd.’s 25 percent interest in Sumitomo 3M Ltd. for 90 billion Japanese Yen (approximately $865 million at current exchange rates). 3M is now the sole owner and the business will be known as 3M Japan Ltd.
Sumitomo 3M Ltd. was established in 1961 as a joint venture between 3M, Sumitomo Electric Industries Ltd. and NEC Corp. In 2003, 3M acquired NEC’s 25 percent stake, which increased 3M’s interest to 75 percent.
On a GAAP-reported basis, 3M estimates the acquisition will add approximately $0.08 per share to earnings during the first 12 months following closing.
