Melksham, UK – Avon Rubber plc is acquiring 3M’s ballistic-protection business for an initial cash consideration of $91 million (€81 million), which could increase by up to $25 million depending on the outcome of pending contract bids.
The unit is part of 3M’s advanced materials business, and consists of ballistic helmets, body armour, flat armour and related helmet-attachment products for law enforcement.
The move to sell the unit is a part of 3M’s ongoing portfolio management, 3M announced 7 Aug.
For Avon, which already supplies protection masks to the US and global military and law enforcement forces, the acquisition represents “a very attractive opportunity”, according to CEO Paul McDonald.
"Incorporating the business into the Avon Protection portfolio will allow [us] to expand more rapidly into rest of world military and law enforcement markets," he added.
Subject to US regulatory approvals, the acquisition is expected to close in the first half of Avon’s 2020 financial year, which will start next September.