3M and Ceradyne announced that they have entered into a definitive agreement for 3M's acquisition of Ceradyne for an aggregate value of approximately $860 million, or approximately $670 million net of cash, cash equivalents, short-term investments and debt acquired. The transaction is expected to close during the fourth quarter of this year. Headquartered in Costa Mesa, Calif., with operations in the U.S., Canada, China and Germany, Ceradyne has annual revenue of approximately $500 million. Ceradyne is a worldwide leader in the development and production of technical ceramics for applications in the automotive, oil and gas, solar, industrial, electronics and defense industries. The company states that the characteristics of technical ceramics offer some advantages over traditional materials such as metals and plastics. Ceradyne will join the 3M Energy and Advanced Materials Division within 3M’s Industrial and Transportation Business. The 3M Energy and Advanced Materials Division provides materials for lightweight solutions and materials for performance in harsh environments.
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