3M Co. said early Monday is has agreed to buy Polypore International Inc.'s separations media business for a total purchase price of $1 billion. Over the first 12 months after the acquisition, 3M estimates that the deal will dilute earnings by 3 cents a share on an unadjusted basis, but be accretive by 4 cents a share, excluding expenses related to the takeover. 3M will finance the deal with cash and will get the majority of the money from outside the U.S., the company said in the statement. Apart from the 3M-Polypore deal, Japanese chemicals company Asahi Kasei Corp. announced it is buying Polypore's energy-storage business. Both transactions are subject to regulatory approval.
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