3M’s temporary protective films business is a provider of adhesive-backed temporary protective films used in a broad range of industries, including automotive, appliance, metalworking, building and construction. The business has annual global sales of approximately $50 million.
“After completing an in-depth strategic portfolio review, we decided to exit this business and focus on investing in our core adhesives, sealants, and tapes businesses,” says Ty Silberhorn, vice president and general manager, 3M Industrial Adhesives and Tapes division.
“Growth within the protective films category is very strategic to Pregis,” says Kevin Baudhuin, president and CEO of Pregis. “Purchasing 3M’s temporary protective films business allows us to accelerate our growth and bring the flexibility and high service levels of the Surface Guard protective films to a well-established customer base.”
Approximately 90 3M employees who primarily support 3M’s temporary protective films business in Conover, North Carolina, along with field-based employees, are expected to join Pregis following the sale of the business, according to 3M.
The transaction, which is subject to customary closing conditions, is expected to close sometime this year, according to 3M.