3M Selling 2 Subsidiaries to Orvis
St. Paul, Minn.-based 3M is selling off two if its subsidiaries.
On Wednesday, 3M announced that it has signed a definitive agreement to sell its Scientific Anglers and Ross Reels fly fishing equipment businesses to privately held The Orvis Company, of Manchester, Vermont.
Post-sale, Orvis says it will continue to operate both businesses independently, and under their respective brand names. Additionally, Orvis says it will maintain the businesses' current operations, facilities, employees, and independent sales representation, while doubling down on customer service, marketing, and product innovation.
Financial terms were not disclosed. This deal is expected to close in the current second quarter of the year.
3M shares were largely unaffected by the news, falling only 0.2% in Wednesday trading, to close at $104.55.
The article 3M Selling 2 Subsidiaries to Orvis originally appeared on Fool.com.Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends 3M. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.