3M 2008 Annual Report Download - page 60

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business are not classified as discontinued operations. See Note 4 for further discussion of restructuring actions that
resulted from the divestiture of the Company’s global branded pharmaceuticals business.
2008 acquisitions:
During 2008, 3M completed 18 business combinations. The purchase price paid for business combinations (net of
cash acquired) and certain contingent consideration paid during the twelve months ended December 31, 2008 for
previous acquisitions aggregated to $1.394 billion.
The largest of these 2008 acquisitions was the April 2008 purchase of 100 percent of the outstanding shares of
Aearo Holding Corp. (Safety, Security and Protection Services Business), the parent company of Aearo
Technologies Inc. (hereafter referred to as Aearo), a manufacturer of personal protection and energy absorbing
products. Cash paid, net of cash acquired, for Aearo totaled approximately $523 million and debt assumed from
Aearo totaled approximately $684 million, which was immediately paid off.
The 17 additional business combinations are summarized as follows:
(1) In March 2008, 3M (Industrial and Transportation Business) purchased certain assets of Hitech Polymers Inc., a
manufacturer of specialty thermoplastic polymers and provider of toll thermoplastic compounding services based in
Hebron, Kentucky.
(2) In April 2008, 3M (Health Care Business) purchased 100 percent of the outstanding shares of Les Entreprises
Solumed Inc., a Quebec-based developer and marketer of leading-edge medical products designed to prevent
infections in operating rooms and hospitals.
(3) In April 2008, 3M (Consumer and Office Business) purchased 100 percent of the outstanding shares of Kolors
Kevarkian, S.A., a manufacturer of branded floor cleaning tools based in Argentina.
(4) In July 2008, 3M (Industrial and Transportation Business) purchased 100 percent of the outstanding shares of
K&H Surface Technologies Pty. Ltd., an Australian-based manufacturing company specializing in a range of repair
products for the professional do-it-yourself automotive refinish markets.
(5) In July 2008, 3M (Safety, Security and Protection Services Business) purchased 100 percent of the outstanding
shares of Quest Technologies Inc., a manufacturer of environmental monitoring equipment, including noise, heat
stress and vibration monitors that is headquartered in Oconomowoc, Wisconsin.
(6) In July 2008, 3M (Health Care Business) purchased 100 percent of the outstanding shares of IMTEC Corp., a
manufacturer of dental implants and cone beam computed tomography scanning equipment for dental and medical
radiology headquartered in Ardmore, Oklahoma.
(7) In August 2008, 3M (Health Care Business) purchased 100 percent of the outstanding shares of TOP-Service für
Lingualtechnik GMbH, an orthodontic technology and services company based in Bad Essen, Germany offering a
digital lingual orthodontic solution.
(8) In August 2008, 3M (Industrial and Transportation Business) purchased 100 percent of the outstanding shares of
Polyfoam Products Inc., a structural adhesives company specializing in foam adhesives for tile roofing and other
adhesive products for the building industry that is headquartered in Tomball, Texas.
(9) In August 2008, 3M (Industrial and Transportation Business) purchased 100 percent of the outstanding shares of
Dedication to Detail, Inc., a Philadelphia-based manufacturer of paint finishing systems, including buffing and
polishing pads.
(10) In September 2008, 3M (Industrial and Transportation Business) purchased 100 percent of the outstanding
shares of Ligacon AG, a Switzerland-based manufacturer and supplier of filtration systems and filter elements for the
pharmaceutical, biotech and general industrial markets.
(11) In October 2008, 3M (Industrial and Transportation Business) purchased 100 percent of the outstanding shares
of EMFI S.A. and SAPO S.A.S., manufacturers of polyurethane-based structural adhesives and sealants, which are
headquartered in Haguenau, France.
(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.