Apr 25 2007
3M announced today that it has entered into a definitive agreement to acquire the business of Innovative Paper Technologies LLC, a manufacturer of inorganic-based technical papers, boards and laminates for a wide variety of high temperature applications; and Powell LLC, a supplier of non-woven polyester mats for the electrical industry. Terms of the transactions were not disclosed.
Innovative Paper Technologies LLC (IPT) and Powell complement 3M’s well-known line of electrical products, including insulating and foil tapes, vinyl and rubber tapes, power cable accessories and electrical supplies. “The addition of these businesses will help us to broaden our core product offering, as well as expand into adjacent markets,” said Paul D. Steece, division vice president, 3M Electrical Markets Division.
The acquisition allows 3M to enter into the adjacent market of flexible insulation materials, which are used for electrical insulation and thermal transfer applications, serving key customer segments such as motor manufacturers, transformer manufacturers, appliance original equipment manufacturers (OEMs) and wire and cable manufacturers.
“Our products will be a wonderful complement to 3M and will broaden the options of our combined customers,” said Paul Kingsbury, chairman and CEO of OS Partners LLC, a holding company that owns IPT and Powell. “This will provide our customers with a supplier that is world renowned and able to respond to the growing requirement for a worldwide distribution network. The 3M name brings even more credibility to our strong market position in the transformer, electric motor and filtration industries.”
IPT and Powell employ about 90 people at its operations in Tilton, N.H. and Haverhill, Mass. The transaction is expected to close in May, subject to customary closing conditions.