St Paul, Minnesota -- 3M has acquired the business of Nida-Core Corp. for an undisclosed price.
Nida-Core, based in Port St Lucie in Florida, is a manufacturer of polyurethane foam-filled honeycomb core, and fibre-reinforced foam core, materials. Terms of the transaction have not been disclosed.
"The acquisition of Nida-Core will allow us to build immediately upon our composite and engineered materials product portfolio," 3M's Patrick Deconinck said in a 3 Jan 2011 company statement.
The deal, announced 3 Jan, also allows 3M to acquire the business of Structisio sarl, a French company affiliated with Nida-Core. The two businesses employ about 28 people.
"Combining with 3M gives Nida-Core immediate access to 3M's vast and global network," said Damien Jacquinet, founder and president, Nida-Core, who is staying with the business.
Jacquinet said that 3M's proprietary films and adhesives, combined with Nida-Core's core materials, "can produce an impressive range of solutions" for industrial and emerging composites uses. "We've already experienced high growth this past decade, but 3M will help speed up our development in major industries, such as wind blades and public transportation."
Since it was set up 23 years ago, Nida-Core has expanded in its business -- making core materials for structural composites. The company makes light, strong, durable engineered products, sold in more than 50 countries, for applications such as in wind blades, boats, solar panels, trucks, cars, buildings, skis, sporting accessories, planes, soil stabilisation, buses, tanks, and swimming-pools.