3M 2009 Annual Report Download - page 69

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(12) In October 2008, 3M (Industrial and Transportation Business) purchased 100 percent of the outstanding shares
of Meguiar’s Inc., a 100-year-old business that manufactures the leading Meguiar’s brand of car care products for
cleaning and protecting automotive surfaces, which is headquartered in Irvine, California.
(13) In November 2008, 3M (Health Care Business) purchased certain assets of Food Diagnostics AS, a provider of
food diagnostics products and services for the food safety industry, which is headquartered in Oslo, Norway.
(14) In November 2008, 3M (Electro and Communications Business) purchased 100 percent of the outstanding
shares of Grafoplast S.p.A, a manufacturer of wire identification systems for the wire and cable market, which is
headquartered in Predosa, Italy.
(15) In December 2008, 3M (Display and Graphics Business) purchased 100 percent of the outstanding shares of
Financiere Burgienne, a provider of finished license plates under the FAAB and FABRICAUTO brands in France.
(16) In December 2008, 3M (Industrial and Transportation Business) purchased 100 percent of the outstanding
shares of ABRASIVOS S.A., a manufacturer of coated abrasives, headquartered in Lima, Peru.
(17) In December 2008, 3M (Consumer and Office Business) purchased certain assets of the Futuro health supports
and compression hosiery product line business, headquartered in Cincinnati, OH, from Beiersdorf AG.
Purchased identifiable intangible assets totaled $794 million and will be amortized on a straight-line basis over a
weighted-average life of 13 years (lives ranging from one to 19 years). Acquired patents of $40 million will be
amortized over a weighted-average life of 11 years and other acquired intangibles of $696 million, primarily customer
relationships and tradenames, will be amortized over a weighted-average life of 13 years. Indefinite-lived assets of
$58 million were purchased in the Meguiar’s acquisition detailed above, which relate to a well recognized brand
name for a company that has been in existence for more than 100 years.
2007 acquisitions:
During 2007, the purchase price paid for business combinations totaled $539 million, net of cash acquired, plus
approximately 150 thousand shares of 3M common stock, which had a market value of approximately $13 million.
The 16 business combinations completed during 2007 are summarized as follows:
1) In February 2007, 3M (Industrial and Transportation Business) purchased certain assets of Accuspray Application
Technologies Inc., a manufacturer of spray paint equipment with a wide array of spray guns for architectural,
automotive refinishing, industrial and woodworking applications.
2) In February 2007, 3M (Industrial and Transportation Business) purchased Sealed Air Corporation’s 50 percent
interest in PolyMask Corporation, a joint venture between 3M and Sealed Air that produces protective films. The
acquisition of Sealed Air’s interest results in 100 percent ownership by 3M.
3) In February 2007, 3M (Health Care Business) purchased 100 percent of the outstanding shares of Acolyte
Biomedica Ltd., a Salisbury, U.K.-based provider of an automated microbial detection platform that aids in the rapid
detection, diagnosis, and treatment of infectious diseases.
4) In May 2007, 3M (Safety, Security and Protection Services Business) purchased 100 percent of the outstanding
shares of E Wood Holdings PLC, a North Yorkshire, UK-based manufacturer of high performance protective coatings
for oil, gas, water, rail and automotive industries.
5) In May 2007, 3M (Electro and Communications Business) purchased certain assets of Innovative Paper
Technologies LLC, a manufacturer of inorganic-based technical papers, boards and laminates for a wide variety of
high temperature applications and Powell LLC, a supplier of non-woven polyester mats for the electrical industry.
6) In May 2007, 3M (Health Care Business) purchased certain assets of Articulos de Papel DMS Chile, a Santiago,
Chile-based manufacturer of disposable surgical packs, drapes, gowns and kits.
7) In June 2007, 3M (Industrial and Transportation Business) purchased certain assets of Diamond Productions Inc.,
a manufacturer of superabrasive diamond and cubic boron nitride wheels and tools for dimensioning and finishing
hard-to-grind materials in metalworking, woodworking and stone fabrication markets in exchange for approximately