Posted July 22, 2011
3M to acquire GPI Group
3M has entered into an agreement to acquire the do-it-yourself and professional business of GPI Group.
GPI is a manufacturer and marketer of home improvement products such as tapes, hooks, insulation and floor protection products and accessories headquartered in France. Terms of the transaction were not disclosed.
GPI offers a wide array of products and solutions sold under such brands as GPI, Plasto and Dinac, which address multiple do-it-yourself (DIY) needs of consumers in France and other European markets. The addition of GPI's products will expand 3M's product portfolio in core and complementary categories in the construction and home improvement markets.
"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 A. Altman, vice president and general manager, 3M Construction and Home Improvement Markets.
"GPI and 3M are a natural fit," added Bernard Cicut, managing director, 3M France. "Together with GPI, we will be in a unique position to better serve our customers in France and in Europe."
3M's construction and home improvement products serve a wide variety of household purposes. The business provides ScotchBlue painter's tapes; Filtrete air and water residential filtration products; 3M Command adhesive hooks, hangers and clips as well as packaged and bulk sandpaper; anti-slip products; electrical connectors; safety products; energy saving window insulator kits for indoor and outdoor use; retail automotive products; and wood refinishing products.
GPI employs approximately 450 people, and has sales in France and Western Europe. The transaction is expected to close in the fourth quarter, subject to customary closing conditions, including regulatory approvals.
