The value of the deal between 3M and Winterthur Technologies AG is estimated at $448 million. Winterthur is a supplier of precision grinding technology serving customers in the growing area of hard-to-grind precision applications in industrial, automotive, aircraft, and cutting tools.
"Adding Winterthur enhances and extends our existing product line, enabling us to provide solutions for a broader range of industrial grinding and finishing needs, said Chris Holmes, vice president and general manager, 3M Abrasive Systems Division. His division brings continuous innovation to surface modification through an ongoing commitment to meet customers evolving needs. Combining Winterthur with 3M will help extend 3M's reach in numerous abrasives applications, the company says.
Winterthur participates in the more than $14 billion abrasives market, which is projected to grow at a rate of greater than 4% per year. Demand for hard-to-grind and high-precision materials is fueling the need for improved grinding and finishing processes.
Winterthur employs approximately 1300 people. Sales in the first six months 2010 sales reached $114 million, up more than 30% over the same period last year.