ST. PAUL, Minn. (October 3, 2008) – Meguiar's Inc., the
100-year-old family-owned manufacturer of Meguiar's car-care products, has
entered into an acquisition agreement with 3M, a global leader in materials
manufacturing. 3M announced the acquisition on Monday. Terms of the transaction
were not disclosed.
Meguiar's brings its renowned products and history-from its beginnings providing
Mirror Glaze polishes and waxes for professional use, to today's products for
those dedicated to maintaining their vehicle's finish-to 3M's range of
automotive aftermarket products. Meguiar's products include waxes, polishes,
cleaners, conditioners and protectants for the automotive and marine markets.
"The addition of Meguiar's builds on our professional offering for the
automotive industry and brings the expertise of Barry Meguiar in the growing
enthusiast market for car-care products," said Ian Hardgrove, vice president, 3M
Automotive Aftermarket Division. "Together, Meguiar's and 3M will collaborate to
deliver even more innovative high-performance products for enthusiasts around
the world."
Car enthusiasts know Meguiar's not only for its products, but also for its
presence at thousands of car shows across the country. Through Meguiar's
internationally syndicated, multimedia broadcasting network, people with a
passion for cars can experience major automotive events and the latest
collector-car hobby news.
"Combining with 3M will greatly enhance our ability to serve and support 'Car
Crazy' people on a global basis," said Barry Meguiar, president and CEO,
Meguiar's Inc. "We are excited about the opportunity to grow our business by
joining forces with one of the world's great global companies and working
together to increase our support of the car hobby worldwide."
3M's Automotive Aftermarket Division provides a comprehensive line of 3M
products for auto body repair professionals and auto enthusiasts. Products
include abrasives and accessories, performance cleaning products, waxes, masking
tapes, panel bonding adhesives, general adhesives coatings and sealers, paint
finishing polishes and compounds, and paint application systems. Complementary
acquisitions such as this support 3M's growth strategy to strengthen its core
businesses and expand into adjacent markets.
Meguiar's is headquartered in Irvine, California, and employs approximately 115
people. The transaction is expected to be completed in the fourth quarter,
subject to customary closing conditions, including regulatory approvals.
Sawaya Segalas & Co., LLC acted as exclusive financial advisor to Meguiar's Inc.
Chosen by 20 out of 24 "Best of Class" winners at the 2008 Pebble Beach Concours
d'Elegance, Meguiar's provides specialized products for every automotive
surface, including paint, wheels, tires, and interiors. As part of its support
for the car hobby, Meguiar's sponsors more than 11,000 car shows globally and
produces Meguiar's Car Crazy Television and Radio that represent car enthusiasts
worldwide.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 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.
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