3M Co will pay about $885 million for Sumitomo Electric Industries Ltd's stake in their Japan joint venture, giving the diversified U.S. manufacturer full control of the business, 3M said on Wednesday. The deal is expected to add about 8 cents per share to earnings in the first 12 months after it closes, 3M said. Analysts, on average, expect 3M to earn $7.46 per share in 2014, according to Thomson Reuters I/B/E/S.The company will purchase Sumitomo's 25 percent stake in the Sumitomo 3M Ltd subsidiary for 90 billion Japanese yen. The cash transaction will give 3M 100 percent ownership upon the expected closing of the deal in September.3M's share of earnings from Japan will rise to 10 percent from 9 percent previously due to the transaction, analysts at William Blair estimated."While Japan may be growth challenged, the business is profitable and strong for 3M," Sanford Bernstein analyst Steven Winoker wrote in a research note.
3M Company (3M) is a diversified technology company. Shares of MMM traded higher by 0.23% or $0.33/share to $145.39. In the past year, the shares have traded as low as $112.36 and as high as $145.73. On average, 2010910 shares of MMM exchange hands on a given day and today's volume is recorded at 581135.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI traded higher by 0.52% or $0.19/share to $36.96. In the past year, the shares have traded as low as $32.87 and as high as $38.73. On average, 764781 shares of TRI exchange hands on a given day and today's volume is recorded at 136065.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI traded higher by 0.71% or $0.28/share to $39.80. In the past year, the shares have traded as low as $34.52 and as high as $42.10. On average, 594581 shares of TRI.TO exchange hands on a given day and today's volume is recorded at 75821.
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