ST. PAUL, Minn.--(BUSINESS WIRE)--
3M today announced that it has completed the sale of its identity
management business to Gemalto, a world leader in digital security1.
3M’s identity management business provides 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. Annual global sales of the business
are approximately $205 million.
The identity management business was part of 3M’s Traffic Safety and
Security Division, which is in the Safety & Graphics business.
Approximately 450 3M employees are expected to join Gemalto or one of
its affiliates.
As 3M discussed on its April 25, 2017, earnings conference call, the
company will record a $0.05 to $0.10 per share benefit from this
divestiture, net of various investments to drive growth and improve
productivity.
About 3M
At 3M, we apply science in collaborative ways to
improve lives daily. With $30 billion in sales, our 90,000 employees
connect with customers all around the world. Learn more about 3M’s
creative solutions to the world’s problems at www.3M.com
or on Twitter @3M or @3MNewsroom.
1The completed sale includes substantially all of 3M’s
identity management business. Local share transfer requirements are
underway in two countries and are expected to be completed in the second
quarter of 2017.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170501006223/en/
Source: 3M