ST. PAUL, Minn., Sep 08, 2008 (BUSINESS WIRE) -- 3M announced today it has entered into an agreement to acquire Meguiar's Inc., the 100-year-old family business that manufactures the leading Meguiar's brand of car care products for cleaning and protecting automotive surfaces. Terms of the transaction were not disclosed.
Meguiar's brings its renowned products and proud history--from its beginnings providing Mirror Glaze polishes and waxes for professional use to today's top-of-the-line products for everyone dedicated to maintaining a brilliant finish on their vehicles--to 3M's range of automotive aftermarket products. Meguiar's products include waxes, polishes, cleaners, conditioners and protectants for the automotive and marine markets.
"The addition of Meguiar's builds on our professional offering for the automotive industry and brings the expertise of Barry Meguiar in the growing enthusiast market for car care products," said Ian Hardgrove, vice president, 3M Automotive Aftermarket Division. "Together, Meguiar's and 3M will collaborate to deliver even more innovative high performance products for enthusiasts around the world."
Car enthusiasts know Meguiar's not only for its products but also for its presence at thousands of car shows across the country featuring every type of collector car from hot rods and muscle cars to exotic sports cars to vintage classics. Through Meguiar's internationally syndicated, multimedia broadcasting network, people with a passion for cars can experience major automotive events and the latest collector car hobby news.
"Combining with 3M will greatly enhance our ability to serve and support Car Crazy people on a global basis," said Barry Meguiar, president and CEO, Meguiar's Inc. "We are excited about the opportunity to grow our business by joining forces with one of the world's great global companies--working together to increase our support of the car hobby worldwide."
3M's Automotive Aftermarket Division provides a comprehensive line of 3M products for auto body repair professionals and auto enthusiasts. Products include abrasives and accessories, performance cleaning products, waxes, masking tapes, panel bonding adhesives, general adhesives coatings and sealers, paint finishing polishes and compounds, and paint application systems. Complementary acquisitions such as this support 3M's growth strategy to strengthen its core businesses and expand into adjacent markets.
Meguiar's is headquartered in Irvine, Calif., and employs approximately 115 people. The transaction is expected to be completed in the fourth quarter subject to customary closing conditions, including regulatory approvals.
Sawaya Segalas & Co., LLC acted as exclusive financial advisor to Meguiar's Inc.
About Meguiar's Inc.
For over 100 years, Meguiar's Inc. has been providing Car Crazy people with specialized state-of-the-art formulations for making the appearance of cars "show car perfect." Chosen by 20 out of 24 "Best of Class" winners at the 2008 Pebble Beach Concours d'Elegance, Meguiar's provides highly specialized products for every automotive surface, including paint, wheels, tires, and interiors. As part of its passionate support for the car hobby, Meguiar's sponsors more than 11,000 car shows globally and produces Meguiar's Car Crazy Television and Radio that represent car enthusiasts worldwide.
A recognized leader in research and development, 3M produces thousands of innovative products for dozens of diverse markets. 3M's core strength is applying its more than 40 distinct technology platforms -- often in combination -- to a wide array of customer needs. With $24 billion in sales, 3M employs 79,000 people worldwide and has operations in more than 60 countries. For more information, visit www.3M.com.
Here are a few points to take away from this announcment...
- Barry Meguiar will continue to lead the company with his PASSION and the legacy of Meguiar’s will continue with even more support for the car hobby & car enthusiast.
- We take our responsibility to the industry very seriously and want to assure you that 3M enthusiastically shares our passion and commitment to innovation, quality and service.
- Our plan moving forward is to continue to support you as we have in the past by providing the same high quality products and service you’ve come to expect.
- Together, Meguiar’s and 3M will deliver a more complete product offering to auto enthusiast, car detailing and professional markets.
- We are excited about our future and look forward to continuing to serve you.
1998 Dodge Ram Quad Cab (SOLD)
2000 Dodge Ram VAN 1500
1970 Plymouth Road Runner
Good luck on your project.