3M Co. agreed to sell its advanced ballistic-protection business to Avon Rubber PLC for $91 million.
A further contingent consideration of up to $25 million is payable depending on the outcome of pending tenders, according to the company. The disposal is part of 3M's ongoing portfolio management, allowing the company to focus on other businesses within its advanced materials unit.
The assets to be divested consist of ballistic helmets, body armor, flat armor and related helmet-attachment products for government and law enforcement. The business has annual global sales of approximately $85 million.
The deal is anticipated to be completed in late 2019 or early 2020.
3M expects the EPS impact of the transaction to be neutral.
William Blair acted as financial adviser to 3M.