3M announced today that it has entered into an agreement to acquire Irvine, Calif.-based Meguiar’s Inc. Terms of the transaction were not disclosed.
Meguiar’s brings its products and 100-year history 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."
Through Meguiar’s internationally syndicated, multimedia broadcasting network, automotive enthusiasts can keep up with major automotive events and the latest collector car hobby news.
“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,” said Barry Meguiar, president and CEO, Meguiar’s Inc.
3M’s Automotive Aftermarket Division provides a comprehensive line of 3M products for auto body repair professionals and auto enthusiasts. Complementary acquisitions such as this support 3M’s growth strategy to strengthen its core businesses and expand into adjacent markets.
Meguiar’s employs about 115 people. The transaction is expected to be completed in the fourth quarter.
