Acquisition Broadens 3M's Vehicle Registration Solutions in FranceST. PAUL, Minn., Oct 13, 2008 (BUSINESS WIRE) -- 3M announced today that it has entered into an agreement to acquire
Financiere Burgienne, a provider of finished
license plates under the FAAB and FABRICAUTO brands in France. Terms of
the transaction were not disclosed.
3M invented reflective sheeting for use on vehicles and road signs and
is a long-time supplier of printed, reflective license plate films to
FAAB and FABRICAUTO, which distributes finished license plates
throughout France via more than 20,000 outlets. "The
addition of FAAB and FABRICAUTO broadens 3M's
vehicle registration solutions offering beyond reflective sheeting to
finished license plates in France," said Larry
Lair, vice president and general manager, 3M Traffic Safety Systems. "Together
3M, FAAB and FABRICAUTO will better serve customers in France through
our joint participation in the upcoming new French government vehicle
registration program," added Bernard Cicut,
managing director, 3M France.
Under the new car registration program in France (Systeme
d'Immatriculation des Vehicules
or S.I.V.), planned to become effective January 1, 2009, new and used
vehicles will receive a new plate with a new identification number and
regional logo. As the current provider of license plates distributed
throughout France, FAAB and FABRICAUTO are in a unique position to serve
the motorist needs created by the new S.I.V.
"FAAB, FABRICAUTO and 3M are a natural fit,"
said Patrick Ruffin, CEO, Financiere
Burgienne. "The combination of FAAB and
FABRICAUTO's reputation, product development
skills, and unsurpassed account relationships along with 3M's
expertise not only in license plate materials but systems and services
will help ensure that the new French registration program is carried out
efficiently and with customer service in mind."
Complementary acquisitions such as this support both 3M's
core traffic safety systems business and growth strategy to expand into
adjacent markets. Financiere Burgienne is
headquartered in Bourg-en-Bresse, France and employs 210 people at its
Bourg-en-Bresse and Macon sites. The transaction is expected to close in
the fourth quarter, subject to customary closing conditions, including
regulatory approvals.
About Financiere Burgienne
Financiere Burgienne is a finished license
plate manufacturer based in France. The company produces 20 million
license plates a year at its two manufacturing facilities, in
Bourg-en-Bresse and in MAccon, sold under the
FAAB and FABRICAUTO brands. The Financiere
Burgienne employs 210 persons.
About 3M
A recognized leader in research and development, 3M produces thousands
of innovative products for dozens of diverse markets. 3M's
core strength is applying its more than 40 distinct technology platforms --
often in combination -- to a wide array of
customer needs. With $24 billion in sales, 3M employs 79,000 people
worldwide and has operations in more than 60 countries. In France, 3M
employs more than 3000 people throughout 10 sites. For more information,
visit www.3M.com.
SOURCE: 3M
Media Contacts:
3M
Donna Fleming Runyon, 651-736-7646
or
3M France
Catherine Hamon, 33-1-30317506
or
3M
Investor Contacts:
Matt Ginter, 651-733-8206
or
Bruce Jermeland, 651-733-1807
