Sep 9 2008
3M announced today it has entered into an agreement to acquire Meguiar’s Inc., the 100-year-old family business that manufactures the leading Meguiar’s brand of car care products for cleaning and protecting automotive surfaces. Terms of the transaction were not disclosed.
Meguiar’s brings its renowned products and proud history—from its beginnings providing Mirror Glaze polishes and waxes for professional use to today’s top-of-the-line products for everyone dedicated to maintaining a brilliant finish on their vehicles—to 3M’s range of automotive aftermarket products. Meguiar’s products include waxes, polishes, cleaners, conditioners and protectants for the automotive and marine markets.
“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,” said Ian Hardgrove, vice president, 3M Automotive Aftermarket Division. “Together, Meguiar’s and 3M will collaborate to deliver even more innovative high performance products for enthusiasts around the world.”
Car enthusiasts know Meguiar’s not only for its products but also for its presence at thousands of car shows across the country featuring every type of collector car from hot rods and muscle cars to exotic sports cars to vintage classics. Through Meguiar’s internationally syndicated, multimedia broadcasting network, people with a passion for cars can experience major automotive events and the latest collector car hobby news.
“Combining with 3M will greatly enhance our ability to serve and support Car Crazy people on a global basis,” said Barry Meguiar, president and CEO, Meguiar’s Inc. “We are excited about the opportunity to grow our business by joining forces with one of the world’s great global companies—working together to increase our support of the car hobby worldwide.”
3M’s Automotive Aftermarket Division provides a comprehensive line of 3M products for auto body repair professionals and auto enthusiasts. Products include abrasives and accessories, performance cleaning products, waxes, masking tapes, panel bonding adhesives, general adhesives coatings and sealers, paint finishing polishes and compounds, and paint application systems. Complementary acquisitions such as this support 3M’s growth strategy to strengthen its core businesses and expand into adjacent markets.
Meguiar’s is headquartered in Irvine, Calif., and employs approximately 115 people. The transaction is expected to be completed in the fourth quarter subject to customary closing conditions, including regulatory approvals.