3M Co., an American multinational conglomerate corporation with a worldwide presence, acquired on Tuesday a Peruvian company that makes abrasives used for manufacturing.
Maplewood-based 3M said it bought Abrasivos S.A., which is based in Lima, Peru. Terms of the deal weren't disclosed.
Abrasivos sells abrasives with cloth and paper backing under the ASA brand. The company was founded in 1963 and has about 140 employees. About 30 percent of its sales come from exports to the United States, Canada and Latin America, according to its Web site.
The company will join 3M's existing business in Peru and be included in 3M's Abrasive Systems Division. That division, which makes sandpaper, is 3M's heritage business upon which the company was founded in 1902.
"3M's technology, expertise and global reach combined with our already strong brand and reputation will continue to build our business," said Luis Roca, general manager of Abrasivos.
Abrasivos S.A. develops advanced technology products with high quality standards prevalent in the American market. Since its founding, Abrasivos has been the leader in the manufacture of coated abrasives in Peru, supplying the Peruvian market with a large variety of abrasive tools and related specialties and services.
Abrasivos exports specialty products to North American converters and private label products for South American markets. Abrasivos has 45 years experience in all phases of coated abrasives production and converting, and constantly participates in advanced research programs.
A recognized leader in research and development, 3M produces thousands of innovative products for dozens of diverse markets. 3M's core strength is applying its more than 40 distinct technology platforms - often in combination - to a wide array of customer needs.
With $24 billion in sales, 3M employs 79,000 people worldwide and has operations in more than 60 countries. For more information, visit www.3M.com.
Publication: Andina - English Newswire
December 10, 2008