St. Paul–based conglomerate 3M said Monday it will pay $860 million, including assumed debt, to acquire ceramics company Ceradyne Inc.
3M will pay $35 in cash for each share in Costa Mesa, California–based Ceradyne, with the transaction expected to close before the end of the year. The target—which has operations in the United States, Canada, China, and Germany—has annual revenues of roughly $500 million. According to the press release announcing the deal, Ceradyne produces technical ceramics used in the transportation, energy, and defense industries. The company’s products range from drill motor bearings to military body armor.
