3M to Acquire NEC Interest in Sumitomo 3M Limited.Business Editors 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.--(BUSINESS WIRE)--Jan. 7, 2003 3M announced today that it will acquire NEC (NEC Corporation, Tokyo, www.nec.com, www.necus.com) An electronics conglomerate known in the U.S. for its monitors. In Japan, it had the lion's share of the PC market until the late 1990s (see PC 98). NEC was founded in Tokyo in 1899 as Nippon Electric Company, Ltd. Corp.'s 25 percent interest in Sumitomo 3M Limited for 45 billion Japanese Yen “Yen” redirects here. For the other use, see Yen (disambiguation). “JPY” redirects here. For the Australian singer with the same moniker, see John Paul Young. (approximately $375 million U.S. dollars). Upon completion of the cash transaction, 3M's interest in the joint venture will increase from 50 percent to 75 percent, with the remaining 25 percent owned by Sumitomo Electric Industries Sumitomo Electric Industries (住友電気工業 Ltd., (SEI). The acquisition is expected to close Jan. 8, 2003. Sumitomo 3M Ltd. was formed in 1961 by NEC and SEI -- both members of the Sumitomo Group Sumitomo Group (住友グループ Sumitomo Gurūpu in Japan -- and 3M. Since then, 3M has owned 50 percent of the company with the remaining interest divided equally between NEC and SEI. About 3M 3M is a $16 billion diversified technology company with leading positions in consumer and office; display and graphics; electronics and telecommunications; health care; industrial; safety, security and protection services; transportation and other businesses. Headquartered in St. Paul, Minnesota, the company has operations in more than 60 countries and serves customers in nearly 200 countries. 3M is one of the 30 stocks that make up the Dow Jones Industrial Average Dow Jones Industrial Average The best known U.S. index of stocks. A price-weighted average of 30 actively traded blue-chip stocks, primarily industrials including stocks that trade on the New York Stock Exchange. and also is a component of the Standard & Poor's 500 Index. Forward-Looking and Cautionary Statements The statements contained in this press release that are not purely historical are forward-looking statements, including statements regarding 3M's expectations, beliefs, hopes, intentions or strategies regarding the future. All forward-looking statements included in this press release are based upon information available to 3M as of the date hereof, and 3M assumes no obligation to update any such forward-looking statement. |
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