3M Buys Two Firms

Terms aren't disclosed.
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3M

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has agreed to acquire both Innovative Paper Technologies LLC, a manufacturer of inorganic-based technical papers, boards and laminates, and Powell LLC, a supplier of nonwoven polyester mats for the electrical industry.

Terms of the transactions weren't disclosed. 3M said the companies will complement its line of electrical products, such as insulating and foil tapes, vinyl and rubber tapes, power cable accessories and electrical supplies.

"The addition of these businesses will help us to broaden our core product offering, as well as expand into adjacent markets," said Paul Steece, vice president of 3M's electrical markets division, in a statement.