3M has completed the sale of its helmet and armor ballistic-protection business to Avon Rubber or $91 million.
The price tag for the deal, originally announced in August, could rise by another $25 million, depending on the outcome of pending contract bids, company officials said on Thursday.
The divested business had been part of 3M’s Advanced Materials Division and makes ballistic helmets, body armor and helmet attachments used by the military and police. About 280 3M employees are expected to transfer to Avon now that the sale is complete.
Avon Rubber provides advanced chemical, biological, radiological and nuclear respiratory protection systems for military, law enforcement and fire customers.
3M said while it sold its ballistic protection unit, the company will continue its other advanced material work, which deals with fluoropolymers, ceramics, glass bubbles and other highly engineered materials.
3M’s stock price rose $2.67 a share to $179.09 in late morning trading Thursday.
The division sale is just the latest of several unit sales by Maplewood-based 3M.
Last month, 3M said it will sell the majority of its drug delivery business to an affiliate of Altaris Capital Partners LLC for $650 million. In recent years the $33 billion multinational giant has also sold its gas- and flame-detection business, its fiber-optics telecommunications business and its passport and identity business.
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