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Home Industry News 3M set to acquire E Wood Holdings

3M set to acquire E Wood Holdings

23rd March 2007

US company 3M confirmed it has made an acquisition offer to UK manufacturer E Wood Holdings.

The Minnesota-based technology firm, which provides products to the dental and healthcare sectors, has issued a purchase proposal of 323 pence per share for the North Yorkshire enterprise.

According to 3M, the offer values E Wood Holdings at 40.17 million pounds and the board has recommended to shareholders that the proposal should be accepted.

“We believe that joining with 3M with its strong resources and internationally admired technical focus, enables the business to minimise the risks and grow opportunities more quickly and assuredly than we could on our own,” commented Chris McDonnell, chief executive at the UK manufacturer.

Established in 1882, E Wood Holdings is based in Northallerton and produces a range of goods including decorative coatings.

Global technology company 3M manufactures a series of products for use in many industries, including crown and adhesive material for the dental sector as well as cosmetic solutions for personal healthcare uses.

Last year the firm sold its pharmaceutical division to Tennessee-based Graceway, which included the rights to a range of branded goods in the respiratory, dermatology and female health sectors.

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