ST. PAUL, Minn. (March 10, 2010)—3M Canada Co. will purchase MTI Global Inc. subsidiary MTI PolyFab Inc., which makes silicone thermal and acoustic insulation for the aerospace industry, the companies announced.
The acquisition, which will be worth about $24 million, includes the PolyFab business—which comprises the Aerospace and Fabricated Products divisions of MTI—and other aerospace-related assets. The transaction is expected to close in the second quarter.
3M plans to combine MTI PolyFab's offerings with those of its own Aearo Technologies L.L.C. subsidiary, providing a comprehensive range of noise and vibration control products for the aerospace industry.
Following the closing of the sale, 3M will assume responsibility for substantially all of the 130 employees within the MTI PolyFab business, located at sites in Canada, Germany, Brazil and Mexico.
“MTI PolyFab is a strong and profitable business that will benefit from increased scale,” said Bill Neill, MTI Global president and CEO. “The Aerospace Division in particular will benefit from greater opportunities to grow its market leadership position and to meet the needs of customers and employees.”
MTI also is pursuing the sale of its remaining silicone business in Milton, Fla., the company said.