3M Completes Acquisition of Ceradyne
ST. PAUL, Minn. -- November 29, 2012
3M (NYSE:MMM) announced today that it has completed its acquisition of
Ceradyne, Inc. effective as of November 28, 2012, pursuant to the previously
announced merger agreement among Ceradyne, 3M, and 3M’s wholly owned
subsidiary, Cyborg Acquisition Corporation, through the merger of Cyborg
Acquisition Corporation with and into Ceradyne. As a result of the merger,
Ceradyne is now a wholly owned subsidiary of 3M.
The combination of Ceradyne and 3M will enable new technologies and innovation
for uniquely tailored materials requiring advanced ceramics. Ceradyne will
join the 3M Advanced Materials Division within 3M’s Industrial Business Group.
The 3M Advanced Materials Division provides valued materials for lightweight
solutions and materials for performance in harsh environments to customers in
a broad array of growth industries.
This news release contains forward-looking information about 3M’s financial
results and estimates and business prospects that involve substantial risks
and uncertainties. You can identify these statements by the use of words such
as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,”
“will,” “target,” “forecast” and other words and terms of similar meaning in
connection with any discussion of future operating or financial performance or
business plans or prospects. Among the factors that could cause actual results
to differ materially are the following: (1) worldwide economic and capital
markets conditions and other factors beyond 3M’s control, including natural
and other disasters affecting the operations of the Company or its customers
and suppliers; (2) 3M’s credit ratings and its cost of capital; (3)
competitive conditions and customer preferences; (4) foreign currency exchange
rates and fluctuations in those rates; (5) the timing and market acceptance of
new product offerings; (6) the availability and cost of purchased components,
compounds, raw materials and energy (including oil and natural gas and their
derivatives) due to shortages, increased demand or supply interruptions
(including those caused by natural and other disasters and other events); (7)
the impact of acquisitions, strategic alliances, divestitures, and other
unusual events resulting from portfolio management actions and other evolving
business strategies, and possible organizational restructuring; (8) generating
fewer productivity improvements than estimated; (9) security breaches and
other disruptions to 3M’s information technology infrastructure; and (10)
legal proceedings, including significant developments that could occur in the
legal and regulatory proceedings described in 3M’s Annual Report on Form 10-K
for the year ended December 31, 2011 and its subsequent quarterly reports on
Form 10-Q (the “Reports”). Changes in such assumptions or factors could
produce significantly different results. A further description of these
factors is located in the Reports under “Cautionary Note Concerning Factors
That May Affect Future Results” and “Risk Factors” in Part I, Items 1 and 1A
(Annual Report) and in Part I, Item 2 and Part II, Item 1A (Quarterly Report).
The information contained in this news release is as of the date indicated. 3M
assumes no obligation to update any forward-looking statements contained in
this news release as a result of new information or future events or
About Ceradyne, Inc.
Founded in 1967, Ceradyne has diversified its product lines to capture
opportunities created by the growing demand for better materials performance.
Ceradyne develops, manufactures and markets advanced technical ceramic
products and components for defense, industrial, energy, automotive/diesel and
commercial applications. Additional information can be found at Ceradyne’s
3M captures the spark of new ideas and transforms them into thousands of
ingenious products. Our culture of creative collaboration inspires a
never-ending stream of powerful technologies that make life better. 3M is the
innovation company that never stops inventing. With $30 billion in sales, 3M
employs 84,000 people worldwide and has operations in more than 65 countries.
For more information, visit www.3M.com or follow @3MNews on Twitter.
Donna Fleming Runyon, 651-736-7646
Matt Ginter, 651-733-8206
Bruce Jermeland, 651-733-1807
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