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Cleantech-focused 3M and solar company Ceradyne have entered a definitive agreement which will see 3M buy Ceradyne for $35 per share.
Once complete, the transaction could reach around $860m or $670m net of cash, cash equivalents, short-term investments and debt acquired.
Under the agreement, 3M’s subsidiary will begin a tender offer to purchase all outstanding shares of Ceradyn within ten business days.
3M industrial and transportation business executive vice president Chris Holmes said, ‘Ceradyne is a strong company with a great reputation, world-class technology in advanced ceramics, and leadership positions in the markets it serves.
‘Ceradyne is an excellent complement to our existing businesses in transportation, energy markets and defence. By joining 3M, Ceradyne associates will have the opportunity to use the power of 3M’s global reach, culture of commercialising new products and operational discipline to accelerate this platform in serving our customers with highly valued solutions.’
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Tags: ceradyne, North America, solar energy, solar power, US
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