ST. PAUL, Minn & OTTAWA--(BUSINESS WIRE) - AiT (TSX:AIV) and 3M (NYSE:MMM) announced today that they have entered an agreement to join their security-related businesses. AiT shareholders will receive a cash payment of CDN $2.88 per share from 3M, acting through its Canadian subsidiary, 3M Canada Company. AiT shareholders will be asked to approve the transaction, which will take the form of an amalgamation, at a meeting to be held in Ottawa in mid-July.
"Our Security Market Center is a recognized innovator in the area of document security and authentication," said Pete Swain, vice president, 3M Safety and Security Systems Division. "This acquisition will build and expand our products and services offered to the security markets. AiT's area of expertise is complementary to ours. Worldwide, customers will see the clear benefits of the integration of AiT into our existing operations."
"This is a great deal for our customers, our shareholders and our employees," said Bernie Ashe, president and CEO, AiT. "3M has the scale, brand, and presence to reach markets and opportunities that we could not reach on our own. I am confident that our people, our technology and our expertise will thrive in this company, which is dedicated to delivering innovative products to the security market."
AiT, traded on the Toronto Stock Exchange since 1993, will mail meeting materials to its shareholders before the middle of June. AiT shareholders with questions about the deal are encouraged to visit the AiT Web site ( www.ait.ca/3M).
About 3M
3M is a $16 billion diversified technology company with leading positions in health care, safety, electronics, telecommunications, industrial, consumer and office, and other markets. Headquartered in St. Paul, Minnesota, the company has operations in more than 60 countries and serves customers in nearly 200 countries. 3M businesses share technologies, manufacturing operations, brands, marketing channels and other important resources. 3M, which marks its 100th anniversary this year, is one of the 30 stocks that make up the Dow Jones Industrial Average and also is a component of the Standard & Poor's 500 Index. For more information about 3M go to www.3M.com or www.3M.com/profile/pressbox/index.jhtml.
About AiT
AiT is a recognized world leader in the traveler ID business. Its products are issuance systems for secure ID and travel documents such as passports; and inspection and border control systems used to confirm the identity of travelers. AiT's products are currently in use in more than 50 countries, including Canada, the United States and the United Kingdom. AiT stock is traded on the Toronto Stock Exchange under the symbol AIV. For more information visit www.ait.ca.
The statements contained in this press release that are not purely historical are forward-looking statements, including statements regarding 3M's and AiT's expectations, beliefs, hopes, intentions or strategies regarding the future. All forward-looking statements included in this press release are based upon information available to the companies as of the date hereof, and the companies assume no obligation to update any such forward-looking statement.
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| CONTACTS : |
| Wendy Smith, AiT | | Donna Fleming, 3M |
| (613)722-2070 ext 1757 | | (651)736-7646 |
| Cell: (613)769-7777 | | 3M Corporate Media Relations |
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