MAPLEWOOD (dpa-AFX) - 3M co. (MMM) said that it agreed to sell the identity management business within its Traffic Safety and Security Division, to Gemalto for $850 million, subject to closing and other adjustments.
3M's identity management business is a leader in identity management solutions providing biometric hardware and software that enable identity verification and authentication, as well as secure materials and document readers. The business includes 3M Cogent, Inc., a wholly owned subsidiary of 3M, which provides a full spectrum of biometric solutions with a focus in law enforcement, border control and civil identification. 3M's identity management business has annual global sales of approximately $215 million.
The transaction is expected to close during the first half of 2017 and is subject to customary closing conditions, regulatory approvals and consultation or information requirements with relevant works councils. Approximately 450 3M employees are expected to transfer to Gemalto with the acquisition.
Upon completion of the sale, 3M will record a gain related to the transaction, and in addition, will incur various charges as it continues to make investments to drive growth and improve productivity.
Copyright RTT News/dpa-AFX