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NEC to Sell Off its 25% Stake in Sumitomo 3M

Jan 8 2003

It was announced yesterday that NEC would sell off their 25% stake in Sumitomo 3M Ltd. The deal is expected to generate approximately $375million for NEC.

NEC have taken the decision as part of their strategy to decrease assets.

The deal will increase 3M’s holding from 50% to 75%, with the remainder owned by Sumitomo Electric Industries Ltd.

Sumitomo 3M is the Japanese unit of 3M and services the electronics, industrial and health care sectors.

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