The Monroe, North Carolina-based business's 2016 revenue was about $570 million and would complement 3M's personal safety business, which also manufactures safety devices, 3M said. Johnson Controls, which manufactures products ranging from car ...and more »
n">3M Co (MMM.N) said on Thursday it would buy Johnson Controls International Plc's (JCI.N) safety gear business, Scott Safety, in deal with an enterprise value of $2 billion.Scott Safety makes respiratory and protective equipment and other safety products for firefighters, industrial workers, police squads and the U.S. military.The Monroe, North Carolina-based business's 2016 revenue was about $570 million and would complement 3M's personal safety business, which also manufactures safety devices, 3M said.
Johnson Controls, which manufactures products ranging from car batteries to heating equipment, had been exploring a sale of the business, Reuters had reported last week.
Proceeds from the deal are expected to be about $1.8 billion-$1.9 billion, and would be used to repay a portion of Tyco International Plc's $4.0 billion of merger-related debt, Johnson Controls said.Johnson Controls agreed to buy Ireland-based peer Tyco International in January last year and the merger completed in September.
3M's financial advisers were Citi and Goldman Sachs while Centerview Partners provided financial advice to Johnson Controls.Shares of Johnson Controls were up 1.3 percent at $42.49 and 3M's shares edged up 0.6 percent to $192.34 in premarket trading. (Reporting by Arunima Banerjee in Bengaluru; Editing by Savio D'Souza and Martina D'Couto)
Hedge funds to reap big stock gains from bankruptcy of coal miner Peabody
CHICAGO/WILMINGTON, Del When leading U.S. coal miner Peabody Energy Corp emerges from bankruptcy next month, a group of seven investment funds could reap hundreds of millions of dollars in gains from an unusual sale of discounted company stock.
Cargill says Macquarie Group to buy its petroleum business
Cargill Inc [CARG.UL] on Thursday said Australian bank Macquarie Group Ltd will buy its petroleum business with the transaction expected to close later this year.
Lone Star seeks to inject $1 billion into Novo Banco for 75 percent stake: sources
LISBON U.S. private equity firm Lone Star is closer to taking control of Portugal's Novo Banco with an offer to inject up to 1 billion euros ($1.07 billion) into the bank in return for a 75 percent stake, sources told Reuters.
Scott Safety,US,JOHNSONCONTROLS,SCOTTSAFETY,3M,Automobiles / Auto Parts (Legacy),Americas,Company News,Content produced in Bangalore,Industrial Goods (TRBC),Business Support Supplies (TRBC),Industrial Machinery and Equipment (TRBC),Corporate Events,Automobiles and Auto Parts (TRBC),Commercial Services and Supplies (TRBC),Auto : Truck and Motorcycle Parts (TRBC),Industrial Conglomerates (TRBC),Deals,United States