ST. PAUL, Minnesota (

TheStreet

) -

3M

(MMM) - Get Report

has agreed to acquire Switzerland's

Winterthur

for 62 Swiss francs or about $448 million.

Winterthur, based in Zurich, is a supplier of precision grinding technology for applications in industrial, automotive, aircraft, and cutting tools. It had sales of $114 million in the first six months of 2010.

Winterthur shares closed Friday at 58 francs.

The acquisition is expected to close in the first quarter of 2011.

3M estimates the acquisition to be slightly dilutive to GAAP earnings in the first 12 months following the completion of the deal, but slightly accretive if purchase accounting adjustments and integration expenses are excluded.

-- Written by Joseph Woelfel

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Joseph Woelfel

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