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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.
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