3M to Acquire NEC Interest in Sumitomo 3M Ltd
Jan 08, 2003
3M announced today that it will acquire NEC Corp.'s 25 percent interest in Sumitomo 3M Limited for 45 billion Japanese Yen (approximately $375 million U.S. dollars). 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 Ltd., (SEI). The acquisition is expected to close Jan. 8, 2003.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.