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3M closes deal for Ceradyne

Thu, 11/29/2012 - 9:28am
The Associated Press

3M completed its acquisition of Ceradyne, the company said Thursday, bolstering its divisions that operate in transportation, energy, and defense.

The company said Wednesday that it had completed its tender offer for Ceradyne shares.

The $847 million purchase of Ceradyne Inc. was announced Oct. 1. 3M is a diversified manufacturer that makes everything from office products to roofing shingles.

Ceradyne, based in Costa Mesa, Calif., has annual revenue of approximately $500 million. It will become part of 3M's energy and advanced materials unit in its industrial and transportation business.

Shares of 3M Co., based in St. Paul, Minn., are trading near all-time highs.

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