According to John Riccardi, vice president and general manager, Transportation Safety Division, the divestiture is one of several actions the company has taken to improve its portfolio. “We are focusing on the rapidly changing trends in transportation safety and mobility, which include the connected roadways of the future,” he said.
The company has entered into an agreement to sell the business to an affiliate of Apax Partners, a leading global private equity advisory firm, for US$200 million; the transaction is expected to close in the third quarter of 2017.
For almost 80 years, 3M has developed solutions to improve road safety and mobility. The Transportation Safety Division, formerly known as the Traffic Safety and Security Division, supplies materials and solutions including retroreflective sign sheeting, pavement marking, temporary traffic control, vehicle registration and visibility.
3M is to sell its electronic monitoring business to enable its Transportation Safety Division to focus on connected roadways of the future.
