3M has made an offer to acquire the entire issued and to be issued share capital of E Wood Holdings, a UK-based manufacturer of high performance protective coatings, for £40.17m. The board of E Wood has recommended the offer to E Wood shareholders.
The transaction is expected to close in April, subject to customary closing conditions, regulatory approvals, and obtaining the requisite E Wood shareholder acceptances.
E Wood’s expertise in liquids technologies for new pipes and rehabilitation coatings for existing pipes in oil, gas and water markets complements 3M’s core corrosion protection product offering of external powder coatings for new oil and gas pipelines. This acquisition provides 3M enhanced access to key markets, including the rehabilitation of existing oil and gas pipelines, and the protection and rehabilitation of water pipelines and infrastructure.
E Wood sells high performance coatings for use in the oil, gas, water, rail and automotive industries under the Copon brand. Its Thortex and Thistlebond brands include a range of industrial maintenance products for the long-term protection of buildings, structures and machinery equipment operating in industrial and marine environments.