3M to Acquire E Wood Holdings PLC
Liquid Technologies Complement Powder Coatings for Pipelines in Oil, Gas and Water Markets
3M and E Wood Holdings PLC announced an offer to acquire the entire issued and to be issued share capital of E Wood Holdings PLC, a North Yorkshire, UK-based manufacturer of high performance protective coatings for oil, gas, water, rail and automotive industries. The board of E Wood has recommended the offer to E Wood shareholders.
The offer values E Wood shares at approximately £40.17 million, or $78 million. 3M has offered 323 pence, approximately $6.28 per E Wood share. The transaction is expected to close in April, subject to customary closing conditions, regulatory approvals, and obtaining the requisite E Wood shareholder acceptances.
According to the company, E Wood's expertise in liquids technologies for new pipes and rehabilitation coatings for existing pipes in oil, gas and water markets complements 3M's core corrosion protection product offering of external powder coatings for new oil and gas pipelines. This acquisition provides 3M enhanced access to key markets, including the rehabilitation of existing oil and gas pipelines, and the protection and rehabilitation of water pipelines and infrastructure.
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