LONDON (ShareCast) - Post-it maker 3M said on Tuesday that it has entered into a definitive agreement to buy Capital Safety from private equity firm KKR for a total enterprise value of $2.5bn.
3M said the value includes around $700m of net debt.

Capital Safety makes fall protection gear including harnesses, lanyards, self-retracing lifelines and engineered systems sold under global brands DBI-SALA and PROTECTA. For the fiscal year ended 31 March, the company's sales, adjusted to include recent acquisitions on a full-year basis, were around $430m.

The personal protective equipment industry is a strategic priority for 3M and one in which demand is growing rapidly, driven by increasing regulatory focus on worker safety across both developed and developing countries.

3M chairman, president and chief executive officer Inge G. Thulin said: "The acquisition of Capital Safety bolsters our personal safety platform and will build on our fundamental strengths in technology, manufacturing, global capabilities and brand."

"Capital Safety is a tremendous business with a strong reputation in the safety industry and a talented team of dedicated employees," added Frank Little, executive vice president, 3MSafety and Graphics Business Group. "3M's brand in personal protective equipment, combined with our global capability, will provide a broader array of products and solutions to both Capital Safety's and 3M's customers."

Capital Safety makes fall protection gear including harnesses, lanyards, self-retracing lifelines and engineered systems sold under global brands DBI-SALA and PROTECTA. For the fiscal year ended 31 March, the company's sales, adjusted to include recent acquisitions on a full-year basis, were around $430m.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE