Acquisition Broadens 3M's Automotive Aftermarket Repair Solutions
in Australia
ST. PAUL, Minn.--(Business Wire)--
3M announced today that it has acquired K&H Surface Technologies
Pty. Ltd., an Australian-based manufacturing company specializing in a
range of repair products for the professional and do-it-yourself
automotive refinish markets. Terms of the transaction were not
disclosed.
Automotive repair and refinish products from K&H Surface
Technologies are renowned in Australia. K&H brings its surface
preparation and auto retail products, body fillers and mold release
agents to 3M's full-line of auto body repair products for the
automotive aftermarket, including products and brands from the 2007
acquisition of the business of Bondo Corp.
"The acquisition of K&H broadens 3M's automotive aftermarket
repair solutions offering and builds on last year's addition of Bondo
brand products to our line," said Ian Hardgrove, vice president and
general manager, 3M Automotive Aftermarket Division. "Together, 3M and
K&H will deliver a more complete product offering to our customers in
Australia and to auto body repair professionals, auto enthusiasts, and
consumers around the world," added Paul Madden, managing director, 3M
Australia.
3M's Automotive Aftermarket Division is dedicated to improving the
productivity and profitability of auto body repair professionals. From
abrasives to paint refinishing, 3M offers solutions for car
enthusiasts and body repair professionals. Products include abrasives
and accessories, masking tapes, panel bonding adhesives, general
adhesives coatings and sealers, paint finishing polishes and
compounds, and paint application systems.
Complementary acquisitions such as this support 3M's growth
strategy to strengthen its core businesses and expand into adjacent
markets. K&H employs approximately 60 people at its headquarters in
Melbourne.
"3M's global infrastructure, technology and product development
expertise will help to further grow our business in Australia and
beyond," said Ian Lidstone, managing director, K&H Surface
Technologies.
About K&H Surface Technologies Pty. Ltd.
K&H Surface Technologies is an Australian-based manufacturing
company specializing in a range of repair products for the
professional and do-it-yourself automotive refinish markets.
Established in 1961, K&H employees approximately 60 people at its
headquarters in Melbourne.
About 3M
A recognized leader in research and development, 3M produces
thousands of innovative products for dozens of diverse markets. 3M's
core strength is applying its more than 40 distinct technology
platforms - often in combination - to a wide array of customer needs.
With $24 billion in sales, 3M employs 75,000 people worldwide and has
operations in more than 60 countries. For more information, visit
www.3M.com.
3M
Donna Fleming Runyon, 651-736-7646
or
3M Australia
Gordon McRonald, +61(2) 9498-9696
or
3M Investor Contacts:
Matt Ginter, 651-733-8206
or
Bruce Jermeland, 651-733-1807
Copyright Business Wire 2008
