3M Buys Personal Safety-device Maker Scott Safety In a $2 Billion Deal

By Tomi Kilgore Markets MarketWatch Pulse

3M Co. announced Thursday an agreement to buy safety-device maker Scott Safety from Johnson Controls International PLC in a deal valued at $2 billion. 3M expect the deal to reduce net earnings by 10 cents a share, and add 10 cents a share to adjusted earnings, in the first 12 months after closing, which is expected to occur in the second half of 2017. "Personal safety is a core growth business within the 3M portfolio," said Chief Executive Inge Thulin. Johnson Controls' stock gained 1.4% in premarket trade. Year to date, 3M shares have climbed 7.1%, Johnson Controls' stock has tacked on 1.8% and the Dow Jones Industrial Average has advanced 6%.

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