Minnesota-based technology company 3M Co. (MMM) Monday revealed an agreement with Meguiar's Inc., pursuant to which 3M would acquire Meguiar's for an undisclosed amount. Meguiar's, manufacturer of the Meguiar's brand of products, is a California-based provider of specialized products for automotive surface. The company expects the transaction to complete in the fourth quarter.
Following the transaction, Meguiar's will be incorporated into 3M's Automotive Aftermarket division that provides products for auto body repair professionals and auto enthusiasts.
Major products of Meguiar's include waxes, polishes, cleaners, conditioners and protectants for the automotive and marine markets. Meguiar's also conducts a number of car shows across the U.S, featuring all of the major collector cars. Sawaya Segalas & Co. was the exclusive financial advisor to Meguiar's.
Ian Hardgrove, vice president, 3M Automotive Aftermarket division, commented, "The addition of Meguiar's builds on our professional offering for the automotive industry and brings the expertise of Barry Meguiar in the growing enthusiast market for car care products."
Shares of MMM are currently trading at $70.70, up $1.51 or 2.18%, on a volume of about 3.48 million.
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