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3M Acquires Polymer Engineering Corp

INSIGHT

ST. PAUL, Minn., -- 3M announced today it has acquired Polymer Engineering Corp., a polymer adhesive company based in Oxnard, Calif., including related trademarks and patents. Terms of the transaction were not disclosed, and the transaction is subject to regulatory approval.

3M will offer Polymer Engineering Corp.'s well-known Duramix urethane adhesives as a significant expansion of 3M's technology solutions to its extensive network of automotive refinishing and repair distributors and dealers.

"This acquisition demonstrates 3M's continued commitment to the refinish industry, and we look forward to providing our customers an even wider array of product solutions," said Steve Landwehr, division vice president, 3M Automotive Aftermarket Division. "We're enthusiastic about the prospects of joining Duramix brand products and technologies with ours and successfully growing our businesses."

Jim Mahan, division vice president, 3M Engineered Adhesives Division, added, "This acquisition broadens our two-part adhesive technologies and fits into our strategy to expand in international and industrial markets. Also, it builds on the synergies between our technology and product platforms and that's going to help our customers improve their products."

About Polymer Engineering Corp.

Polymer Engineering Corp. is a $13 million manufacturer of two-part polyurethane adhesives, plastic repair materials, sealants, and related accessories serving the automotive aftermarket and industrial markets. It is headquartered in Oxnard, Calif.

About 3M

3M is a $16 billion diversified technology company with leading positions in health care, safety, electronics, telecommunications, industrial, consumer and office, and other markets. Headquartered in St. Paul, Minn., the company has operations in more than 60 countries and serves customers in nearly 200 countries. 3M businesses share technologies, manufacturing operations, brands, marketing channels and other important resources. 3M, which marks its 100th anniversary this year, is one of the 30 stocks that make up the Dow Jones Industrial Average and also is a component of the Standard & Poor's 500 Index. For more information about 3M, go to www.3M.com or www.3M.com/profile/pressbox/index.jhtml.

CONTACT: 3M, St. Paul

Donna Fleming, 651/736-7646

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Source: Aug 20, 2002 (BUSINESS WIRE) URL: http://www.businesswire.com

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