3M Selling 2 Subsidiaries to Orvis
May 1st 2013 6:31PM
Updated May 1st 2013 7:00PM
St. Paul, Minn.-based 3M is selling off two if its subsidiaries.
On Wednesday, 3M announced that it has signed a definitive agreement to sell its Scientific Anglers and Ross Reels fly fishing equipment businesses to privately held The Orvis Company, of Manchester, Vermont.
Post-sale, Orvis says it will continue to operate both businesses independently, and under their respective brand names. Additionally, Orvis says it will maintain the businesses' current operations, facilities, employees, and independent sales representation, while doubling down on customer service, marketing, and product innovation.
Financial terms were not disclosed. This deal is expected to close in the current second quarter of the year.
3M shares were largely unaffected by the news, falling only 0.2% in Wednesday trading, to close at $104.55.
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