3M to Acquire Financiere Burgienne
Acquisition Broadens 3M's Vehicle Registration Solutions in France
ST. PAUL, Minn.--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 Mcon, 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.
Contacts
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
