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[March 2006]
3M to Acquire General Industrial Diamond Co Inc
3M announced on 28 February 2006 that it had entered into a definitive agreement to acquire General Industrial Diamond Company Inc, a leading manufacturer of superabrasive grinding wheels, dressing tools and machines used to dimension and finish hard-to-grind materials in industrial and commercial markets. Terms of the transaction were not disclosed.Demand for hard-to-grind materials is fueling the need for improved grinding and finishing processes using superabrasives. 3M's diamond and CBN (cubic boron nitride) flexible abrasives and General Industrial Diamond Co's bonded superabrasives produce precision finishes on hard to grind materials such as ceramics, thermal spray coatings, stone, glass, carbides and nonferrous metals. 3M said that this acquisition combines expertise in superabrasives to deliver a broader range of grinding and finishing solutions to meet the growing demand for advanced production processes in industrial markets.
"Adding General Industrial Diamond's bonded superabrasives enhances our existing product line and enables 3M to deliver cost reduction to our customers through manufacturing process improvements," said Rosa Miller, division Vice President, 3M Abrasive Systems Division. "The combination of 3M's technology and global presence with General Industrial Diamond's strong product offering enables sales synergies and positions 3M as the premier source of engineered grinding and finishing solutions."
General Industrial Diamond Co Inc facilities are located in New Jersey and Colorado employing approximately 100 people. The transaction is expected to close during March, subject to customary closing conditions.
ENDS