3M Reaches Agreement to Sell Priority Control and Traffic Detection Businesses to TorQuest Partners Inc.- New Company to be Formed for Opticom Opticom may refer to:
ST. PAUL St. Paul as a missionary he fearlessly confronts the “perils of waters, of robbers, in the city, in the wilderness.” [N.T.: II Cor. 11:26] See : Bravery , Minn. & TORONTO -- 3M announced today it has entered into a definitive agreement to sell its Opticom Priority Control Systems and Canoga Traffic Detection businesses, which are part of the Traffic Safety Systems Division, to TorQuest Partners Inc., a Toronto-based private investment firm. TorQuest will create a new company that will be headquartered in the Twin Cities under the leadership of Rick Sachse, formerly manager of these 3M businesses. The Opticom priority control system provides green light priority to emergency vehicles for improved response times, and enhances delivery of public transit services. Canoga traffic detection supports advanced traffic management with vehicle detection and monitoring technology. "The Opticom priority control system and Canoga traffic detection businesses are very successful and we believe they will have more opportunity for growth with a new owner and business model better suited to maximize their potential," said Larry Lair, vice president, 3M Traffic Safety Systems Division. Added TorQuest Principal Bogdan Cenanovic, "We believe this business will thrive as a stand-alone company stand-alone company An independent operating firm. For example, a large diversified firm may consider spinning off a subsidiary because, as a stand-alone company, the subsidiary would command a higher price-earnings ratio than the parent. because it has the management and technology to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. important global trends related to improving public security and the flow of public transit. TorQuest is committed to investing in the development of new products, services and technologies that will continue to provide value for customers. The products will continue to be sold under the Opticom and Canoga brands offering the reliability, quality and performance required by customers, and will continue to be serviced around the world." "The new company will continue to fully support and expand our market leading technologies in priority control systems including our infrared-based and GPS radio systems, and traffic detection systems," said Rick Sachse. "Customers will continue to be supported by our strong network of local dealers and the same organization that has supported them in the past." 3M employs approximately 30 people in these businesses in the U.S. and Canada. The transaction is expected to close in the second quarter, subject to customary closing conditions. Greene Holcomb and Fisher LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control acted as 3M's financial advisor on the transaction. The 3M Traffic Safety Systems Division has been a world leader in transportation safety products and systems for more than 70 years. 3M employs advanced technologies to enhance roadway safety, efficiency and traffic management through signing, pavement pavement, the wearing surface of a road, street, or sidewalk. Parts of Babylon and Troy are believed to have been paved; Roman roads were noted for their durable stone paving. Cobblestones were common from late medieval times into the 19th cent. marking, vehicle registration and intelligent transportation solutions. 3M will continue to grow its traffic safety systems business globally. About TorQuest Founded in 2002, TorQuest Partners Inc. is a Canadian-based manager of private equity funds. With more than C$700 million of equity capital under management TorQuest seeks to pursue investments in middle market and later stage companies with the goal of building value through opportune op·por·tune adj. 1. Suited or right for a particular purpose: an opportune place to make camp. 2. Occurring at a fitting or advantageous time: an opportune arrival. acquisitions, strategic leadership and the timely use of financial expertise. For more information, please visit www.torquest.com. About 3M - A Global, Diversified diversified (di·verˑ·s Technology Company Every day, 3M people find new ways to make amazing a·maze v. a·mazed, a·maz·ing, a·maz·es v.tr. 1. To affect with great wonder; astonish. See Synonyms at surprise. 2. Obsolete To bewilder; perplex. v.intr. things happen. Wherever they are, whatever they do, the company's customers know they can rely on 3M to help make their lives better. 3M's brands include Scotch scotch 1 tr.v. scotched, scotch·ing, scotch·es 1. To put an abrupt end to: The prime minister scotched the rumors of her illness with a public appearance. 2. , Post-it, Scotchgard, Thinsulate, Scotch-Brite, Filtrete, Command and Vikuiti. Serving customers around the world, the people of 3M use their expertise, technologies and global strength to lead in major markets including consumer and office; display and graphics; electronics and telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. ; safety, security and protection services; health care; industrial and transportation. Scotch, Post-it, Scotchgard, Thinsulate, Scotch-Brite, Filtrete, Command and Vikuiti are trademarks of 3M. |
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