3M to acquire NEC’s share in Sumitomo 3M

3M is to acquire NEC Corporation’s 25 percent interest in Sumitomo 3M Limited in a cash transaction valued at approximately $375 million.

3M is to acquire NEC Corporation’s 25 percent interest in Sumitomo 3M Limited for 45 billion Japanese Yen (approximately $375 million).

Upon completion of the cash transaction, 3M’s interest in the joint venture will increase from 50 percent to 75 percent, with the remaining 25 percent owned by Sumitomo Electric Industries (SEI).

Sumitomo 3M Ltd was formed in 1961 by NEC and SEI – both members of the Sumitomo Group in Japan – and 3M. Since then, 3M has owned 50 percent of the company with the remaining interest divided equally between NEC and SEI.

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