3M TO ACQUIRE VENTURE TAPE

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3M TO ACQUIRE VENTURE TAPE

 user 2007-09-16 at 12:12:00 pm Views: 61
  • #18763

    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.