Avon Rubber to buy 3M's ballistic protection business

MELKSHAM, England—Avon Rubber P.L.C. plans to acquire 3M Co.'s ballistic protection business for an initial cash consideration of $91 million. Depending on the outcome of pending contract bids, the purchase price could increase by $25 million.

The unit, part of 3M's advanced materials business, consists of ballistic helmets, body armor, flat armor and related helmet-attachment products for law enforcement.

The move to sell the unit, 3M said, coincides with its ongoing portfolio management efforts.

For Avon, which already supplies protection masks to U.S. and global military and law enforcement forces, the acquisition represents "a very attractive opportunity," according to CEO Paul McDonald.

"Incorporating the business into the Avon Protection portfolio will allow (us) to expand more rapidly into rest of world military and law enforcement markets," he said.

Subject to U.S. regulatory approvals, the acquisition is expected to close in the first half of Avon's 2020 financial year, which will start next September.