3M Completes Acquisition of Cogent Inc.

2010-12-13 14:47 1834

ST. PAUL, Minn., Dec. 13 /PRNewswire-Asia/ -- 3M (NYSE:MMM) announced today that it has completed its acquisition of Cogent Inc., pursuant to a merger agreement that was approved and adopted by Cogent's stockholders at a special meeting held on Dec. 1, 2010. Under the terms of the merger agreement, Cogent's stockholders are entitled to receive $10.50 per share in cash.

With the closing of the transaction, Cogent's common stock ceased to trade on NASDAQ at market close today, and Cogent became a wholly-owned subsidiary of 3M. The subsidiary will be known as 3M Cogent Inc.

"Adding Cogent's technologies -- in finger, palm, face and iris biometric systems for governments, law enforcement agencies, and commercial enterprises -- to our business is a significant strategic addition to our security credential issuance and authentication product portfolio and service offering," said Mike Delkoski, vice president and general manager, 3M Security Systems Division. "Cogent's biometric expertise in large-scale systems integration will enhance our ability to provide end-to-end security solutions to our customers. It also expands our reach into law enforcement, public safety and commercial access control applications."

Identification and authentication solutions from 3M include border management products; document manufacturing and issuance systems for IDs, passports, and visas; document readers and verification products; and security materials, such as laminates, to protect against counterfeiting and tampering.

About 3M

3M is internationally recognized as a pioneer in the R&D field. 3M has developed tens of thousands of innovative products based on the development and alternative use of over 40 outstanding technology platforms to meet the needs of customers from a broad array of market sectors. 3M has branches in more than 60 nations and regions and has more than 75,000 employees. 3M's annual sales volume in 2008 was over USD 25.3 billion.

About 3M China

3M China was registered in November 1984 and was the first foreign enterprise to be established outside of the Special Economic Zones. At present, 3M has established 12 companies, seven manufacturing bases, 25 offices, four technical centers and one R&D centre in China, employing over 5,700 people nationwide.

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Source: 3M