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3M to Buy Electrical Product Companies

Written by Tracy Heffner
Tuesday, 24 April 2007
ST. PAUL, MN – 3M Co. reported it will buy electronic product companies Innovative Paper Technologies LLC and Powell LLC. Terms of the deal were not disclosed. Innovative Paper Technologies makes papers, boards and laminates used in high-temperature applications. Powell supplies non-woven polyester mats to the electrical industry. 3M said the acquisitions would allow it to get into the market of insulation materials used by makers of motors, electrical transformers and other products. The deal is expected to close in May.

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