A company best known for making Scotch tape and Post-it notes, 3M Co will be selling off a part of its business many will be surprised this morning to find out existed. Amsterdam-based Gemalto will be buying up 3M’s identity management business for $850 million.
The total business combined generates about $215 million a year in global sales. Particularly popular with law enforcement agencies of all stripes are 3M’s biometric solutions.
“We believe that the identity management business will be better positioned with a company that is primarily focused on security solutions,” the company’s vice president of traffic safety and security division, John Riccardi, said in a statement.
3M said it would record a gain related to the deal, and incur various charges after the sale is completed. The deal is expected to finalize sometime in the early part of next year.
Goldman Sachs & Co is the exclusive financial adviser to 3M.
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