3M sells floor products business in Western Europe
3M announced that it has completed the sale of its floor products business in Western Europe, formerly known as Dinac, to Gerflor Group.
The business was part of 3M’s construction and home improvement markets division. Gerflor Group is a global leader in the production and distribution of floorings, wall coverings and finishes, said 3M.
“As part of ongoing strategic portfolio management, 3M has decided to sell the business and prioritize other areas within the construction and home improvement markets division,” said the firm.
The business included floor transition profiles, stair nosing and flexible baseboards for DIY and pro segments within the retail channel.
The business had annual sales in 2021 of approximately 25 million euros; the company said the sale will not have a material impact on 3M’s financial results.
The transaction included manufacturing operations located in La Mure, France. Approximately 100 3M employees transferred to Gerflor upon completion of the sale. Ernst & Young France acted as financial advisor to 3M.
3M said its active portfolio management strategy is focused on leveraging the strengths of 3M to create the greatest value for customers and delivering strong returns for shareholders.
Recent examples of 3M’s portfolio management, the firm noted, include health care acquisitions of Acelity and M*Modal, exits of drug delivery systems and ballistic protection businesses, and the recently announced divestiture of the food safety business.
Founded in 1902 and headquartered in St. Paul, Minn., global firm 3M said it applies science in collaborative ways to improve lives daily, “as our employees connect with customers all around the world.”