3M Co. (MMM) announced that it has entered into a definitive agreement to acquire Incavas Industria de Cabos e Vassouras Ltda., a manufacturer of floor care products based in Rio Grande do Sul, Brazil. The terms of the transaction were not disclosed.
 
Incavas is an important manufacturer of household floor cleaning tools in Brazil. The company’s line of floor cleaning products includes squeegees, brushes, dust pans and brooms.
 
For more than 40 years 3M has helped consumers clean with Scotch-Brite and O-Cel-O brand cleaning products. Complementary acquisitions such as this support 3M’s core business.
 
The Incavas brand is expected to complement 3M’s line of household cleaning tools and help establish the Home Care Division as a strong player in Brazil.
 
Incavas Industria de Cabos e Vassouras Ltda. is a family-owned business founded in 1973. As an important manufacturer of Brazilian household floor cleaning tools, the company sells floor cleaning products such as squeegees, brushes, dust pans and brooms locally.

3M Company, together with its subsidiaries, operates as a diversified technology company with manufacturing operations spread over 60 countries worldwide. It has more than 35 business units organized into in six segments: Consumer and Office, Display and Graphics, Electro and Communications, Healthcare, Industrial and Transportation, Safety, Security and Protection Services Business. Its major competitors include Avery Dennison Corp. (AVY) and Johnson & Johnson (JJ).

Currently, we have an Outperform recommendation on MMM.

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