St Paul, Minnesota -- 3M has agreed to purchase the home improvement business of Oyannax, France-based GPI Group for an undisclosed price.
GPI makes DIY and professional products such as tapes, hooks, insulation, and floor-protection products and accessories.
The acquisition allows 3M to widen its portfolio of construction products, which include tapes made of polyurethane foam.
"This acquisition will help us to build on our existing product platforms and accelerate our expansion and participation in home improvement channels globally," said Laurie Altman of 3M in a 22 July statement.
GPI employs about 450 people, and has sales in France and Western Europe. The transaction is expected to close in the fourth quarter, 3M said.
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