3M Co (MIL:1MMM)

€ 123.52 -0.4 (-0.32%) Market Cap: 67.34 Bil Enterprise Value: 73.63 Bil PE Ratio: 16.29 PB Ratio: 15.13 GF Score: 40/100

Avon Rubber PLC to acquire 3M's Ballistic-Protection Business - M&A Call Transcript

Aug 07, 2019 / 07:00AM GMT

Transcript

Paul McDonald

Avon Rubber p.l.c. - CEO & Director

Good morning. I'm Paul McDonald, CEO of Avon Rubber, and I'm here with Nick Keveth, our CFO. We're delighted to be hosting this call this morning to run you through the acquisition of 3M's ballistic protection business. This marks the largest acquisition in Avon's history and is in line with the acquisition criteria we set out in 2017. We have agreed to purchase the asset to 3M's ballistic-protection business which is a leader in ballistic helmets and body armor protection with multiyear contracts with the U.S. DOD for the next-generation soldier protection system.

The acquisition is subject to regulatory approval and is expected to close during the first half of our 2020 financial year. In financial year 2018, the business delivered revenue of $85 million and EBITDA of $10.8 million, and we're expecting to deliver $5 million of further cost synergies. The initial consideration is $91 million, with a contingent consideration of a further $25 million, depending on the outcome of pending tenders for legacy products.

The consideration

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