*NEWS*3M TO ACQUIRE VENTURE TAPE

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*NEWS*3M TO ACQUIRE VENTURE TAPE

 user 2007-09-16 at 12:13:00 pm Views: 36
  • #18762

    3M to Acquire Venture Tape
    ST.
    PAUL, MN – 3M announced today it has entered into a definitive
    agreement to acquire Venture Tape Corp., a global provider of pressure
    sensitive adhesive tapes based in Rockland, Mass. Terms of the
    transaction were not disclosed.Venture Tape manufactures a broad range
    of tapes used in construction, oil and gas, heating, ventilation and
    air conditioning (HVAC), electronics, aerospace, marine and appliance
    markets. It also provides specialty industrial tapes complementary to
    3M’s specialty tape product line used in splicing, automotive and
    automotive aftermarket applications.“This acquisition broadens our
    pressure sensitive adhesive tape platform, brings new channels to 3M,
    and allows us to expand into adjacent markets such as construction,”
    said Patrick Deconinck, division vice president, 3M Industrial
    Adhesives and Tapes Division. “Venture Tape has a strong
    customer-centric business model, which combined with our lean
    manufacturing practices, technologies and global coverage will broaden
    and improve our offering to customers.”“We see tremendous opportunities
    to continue to build our business by drawing on the strength of 3M’s
    resources and technical capabilities,” said Lewis Cohen, president,
    Venture Tape Corp.Based on more than 50 years experience in practical
    application of adhesive technology, 3M offers industrial tapes for
    bonding, protecting, masking, enhancing, shielding, damping, splicing,
    reinforcing, color coding, case sealing and more. Complementary
    acquisitions such as this support both 3M’s core business and growth
    strategy to expand into adjacent markets.Venture Tape employs
    approximately 400 people worldwide. The transaction is expected to
    close in the fourth quarter, subject to customary closing conditions.