3M Co. said Tuesday it will buy Capital Safety, a maker of harnesses and safety equipment used in construction, for $2.5 billion.
The acquisition helps 3M, based in St. Paul, Minn., build its safety and graphics business division, and will add about $430 million to 3M’s approximately $32 billion in overall sales.
“Personal safety is a large and strategically important growth business in the 3M portfolio,” Inge G. Thulin, 3M chairman and chief executive, said in a statement. “The acquisition of Capital Safety bolsters our personal safety platform and will build on our fundamental strengths in technology, manufacturing, global capabilities and brand.”
The purchase figure includes the assumption of $700 million in debt.
Capital Safety, based in the Twin Cities suburb of Bloomington, Minn., is currently owned by KKR, the New York investment firm, and employs 1,500 people. The deal is expected to close in the third quarter.