On Friday July 22, 2011, 3M Company (NYSE:MMM), a St. Paul based manufacturing company, producing products for home improvement, announced its approval for purchasing GPI Group’s do-it-yourself and professional home improvement businesses. At present, the company is unwilling to disclose the financial terms of the purchase to the press.
3M’s acquisition of GPI’s home improvement business is not inclusive of its industrial business. The regulatory approval for the deal is still awaited, and is expected to close by the end of the year 2011.
According to the press release, 3M has stated that they have agreed upon acquiring GPI Group’s DIY and professional home improvement business, with the intention of expanding their portfolio in construction and home improvement business.
GPI, a manufacturing company based in Oyonnax, France,exclusively involved in the production and marketing of products such as tape, hooks, insulation and floor protection and other accessories sold under the GPI, Plasto and Dinac brands across France and other European markets.
In morning trading, 3M shares slid 48 cents to $95.38.
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