3M buying Capital Safety from KKR for about $1.8 billion
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3M is buying safety equipment maker Capital Safety from KKR for about $1.8 billion as demand for protective gear grows.
The transaction also includes approximately $700 million in debt.
3M Co., which makes Post-it notes and other products, said Tuesday that increasing demand for worker safety in developing countries is driving sales of equipment.
Edward Jones analyst Matt Arnold says Capital Safety is a good fit for 3M's safety equipment business, which includes respirators and hearing and vision protectors
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"3M has a strong business in workplace safety and this is a company that will improve their product line-up and has a wind at its back, if you think about increasing workplace standards in dangerous settings, especially outside the United States," Arnold said.
Capital Safety's equipment is sold under brands including DBI-SALA and PROTECTA. The company makes safey harnesses, lifelines and other protective equipment. Capital Safety had $430 million in sales during its most recent fiscal year. The business employs about 1,500 people worldwide.
The deal is expected to close in the third quarter.
3M is based in St. Paul. Capital Safety is based in Bloomington.
MPR reporter Martin Moylan contributed to this report.