May 2 2007
3M announced today it has completed its acquisition of 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.
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. “The addition of these businesses will help us to broaden our core product offering of electrical products, including insulating and foil tapes, vinyl and rubber tapes, power cable accessories and electrical supplies, as well as expand into adjacent markets,” said Paul D. Steece, division vice president, 3M Electrical Markets Division.