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People & Business :: People/Executives
3M to acquire Sumitomo Electronic's 25% stake in Japanese subsidiary
9:04 AM MDT | July 16, 2014 | Lindsay Frost
3M announced today that it will acquire Sumitomo Electronic’s 25% stake in its Japanese subsidiary Sumitomo 3M for ¥90 billion ($885 million). Upon completing the transaction, 3M will own 100% of Sumitomo 3M and rename the subsidiary 3M Japan. The transaction is expected to close on 1 September. “This investment allows us to gain full control of one of 3M’s most successful subsidiaries,” says Inge Thulin, 3M chairman, president, and CEO. “It is a strategic acquisition in a business we know well, as we have grown the business...
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