Aug 31, 2010

3M buys Israel’s Attenti for US$230-million - #BDS

NEW YORK — Diversified U.S. manufacturer 3M Co said it would pay US$230-million in cash to buy Israel’s Attenti Holdings SA, which makes technology used to remotely monitor criminals and elder care patients.
Attenti is expected to have about US$100-million in sales in 2010. 3M is buying the business from an investor group led by Francisco Partners.
The deal is expected to be slightly dilutive to earnings over the first 12 months after the deal closes, 3M said. Excluding purchase accounting and integration costs, it expects the deal to add slightly to earnings over the same period.
3M has been busy on the dealmaking front this week. It announced on Monday plans to purchase Cogent Inc for US$943-million, paying a nearly 18% premium for the maker of identification systems used to screen travelers at border crossings.
3M Chief Executive George Buckley said last week that the company could spend US$2-billion on acquisitions this year, double its previous estimate.

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