3M Company (NYSE: MMM), a diversified manufacturer has completed the acquisition of the tape-making facilities of Taiwan-based Alpha Beta Enterprise Company Ltd., a maker of box sealing and masking tapes. The acquisition is a good move by 3M to expand its access to the fast growing Asian markets.
The terms and financials of the deal were not disclosed by any of the companies.
The acquisition demonstrates 3M's commitment as a leader in pressure sensitive tapes, enabling the company to increase its ability to provide products for customers that desire performance and value. It also allows 3M to increase its manufacturing footprint in the Asia Pacific region and expand the product line for high-volume masking and packaging tapes. The Alpha Beta Tape Business is now a part of 3M's Industrial Adhesives and Tapes Division GTA business unit.
With more than 28 years of experience and working with over 62 countries worldwide, Alpha Beta has advanced manufacturing equipment and coating lines. Its automation and computerized equipment is the key to keeping close track of production and inventory and maintaining consistency and quality. Alpha Beta manufactures millions of square meters of tapes every year, from BOPP box-sealing tape to masking tape with its newest addition of Hot Melt tapes.
With $27 billion in sales, 3M employs about 80,000 people worldwide and has operations in more than 65 countries.
Shares of 3M gained 0.23 percent to settle at $87.95 during the after-hours trading on Wednesday.
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