3M to buy medical tech company Acelity for $6.7 billion
ST PAUL, Minn. (AP) — 3M is buying medical technology company Acelity for $6.7 billion, including debt.
Acelity Inc., based in The San Antonio, Texas, makes advanced wound care products and had $1.5 billion in revenue last year.
3M, which makes Post-it notes, industrial coatings and other consumer products, is coming off a rough earnings report last week that sent its stock down more than 13%. 3M’s health care unit, which will absorb Acelity’s products, was its only division that posted an increase in sales last quarter.
3M estimated the acquisition, announced Thursday, will cost it about 35 cents on an earnings-per-share basis over 12 months. Excluding costs and one-time expenses, the company expects a 25 cents-per-share benefit over the same period.
The deal is expected to close in the second half of 2019.