3M Sells its Temporary Protective Film Business

September 28th, 2016 by Katherine Coig

In what it says is an attempt to refocus on investing in its core adhesives products, 3M has entered an agreement to sell the assets of its temporary protective films business to Pregis LLC for an undisclosed amount. Pregis is a provider of protective packaging materials, equipment systems and surface protection.

3M’s temporary protective films business is a provider of adhesive-backed temporary protective films used in a broad range of industries, including automotive, appliance, metalworking, building and construction. The business has annual global sales of approximately $50 million.

“After completing an in-depth strategic portfolio review, we decided to exit this business and focus on investing in our core adhesives, sealants, and tapes businesses,” says Ty Silberhorn, vice president and general manager of 3M Industrial Adhesives and Tapes Division.

When the sale is finalized, 90 3M employees that work within the protective films division headquartered in Conover, N.C., will become employees of Pregis.

“Growth within the protective films category is very strategic to Pregis,” says Kevin Baudhuin, president and chief executive officer of the company. “Purchasing 3M’s temporary protective films business allows us to accelerate our growth and bring the flexibility and high service levels of the Surface Guard protective films to a well-established customer base.”

According to the report, the transaction will take place before the end of 2016, and 3M is expected to realize a small gain which will be offset by other actions taking place.

This article is from Focus on Film, the weekly e-newsletter that covers the latest news regarding window film and related products, including paint protection film. Click HERE to sign up—there is no charge. Interested in a deeper dive? Free subscriptions to Window Film magazine in print or digital format are available. Subscribe at no charge HERE.

Tags: ,

Leave Comment