3M 2013 Annual Report Download - page 31

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25
of the tape-related assets of Alpha Beta, a leading manufacturer of box sealing tape and masking tape headquartered in
Taipei, Taiwan.
Investment:
In March 2005, 3M’s automotive business completed the purchase of 19 percent of TI&M Beteiligungsgesellschaft mbH
(TI&M) for approximately $55 million. TI&M is the parent company of I&T Innovation Technology Entwicklungsund Holding
Aktiengesellschaft (I&T), an Austrian maker of flat flexible cable and circuitry. Pursuant to a Shareholders Agreement, 3M
marketed I&T’s flat flexible wiring systems for automotive interior applications to the global automotive market. I&T filed a
petition for bankruptcy protection in August 2006. As part of its agreement to purchase the shares of TI&M, the Company
was granted a put option that gave the Company the right to sell back its entire ownership interest in TI&M to the other
investors from whom the Company acquired its 19 percent interest. The put option became exercisable January 1, 2007.
The Company exercised the put option and recovered approximately $25 million of its investment from one of the
investors based in Belgium in February 2007. The other two TI&M investors from whom the Company purchased its
shares filed a bankruptcy petition in Austria in January 2007. Through the Austrian bankruptcy process and pursuit of
recovery from the bank that held the 3M purchase price paid to the two bankrupt investors, 3M recovered all but an
immaterial amount of the remaining investment through October 2013 at which point 3M resolved its remaining claims.