3M Co. completed the sale of its advanced ballistic protection unit to U.K.-based Avon Rubber PLC for $91 million, before closing and other adjustments.
An additional $25 million is payable depending on the outcome of pending tenders. About 280 3M employees will join Avon Rubber as a result of the sale, which the industrial conglomerate said will have a neutral impact to its EPS.
The advanced ballistic protection unit makes ballistic helmets, body and flat armor and related products for government and law enforcement clients. Avon Rubber makes advanced hazard protection systems for military, law enforcement and fire services.