UPDATE 1-3M to buy Winterthur Technologies for $448 mln

* 3M sees deal to improve product line

* Sees deal to add to earnings, ex-items

* Says offer conditional upon 66.67 pct shares tendered

* Winterthur chairman agreed to tender his 14 pct stake

(Adds details)

Dec 6 (BestGrowthStock) – 3M Co (MMM.N: ) said it will buy Swiss
precision grinding technology supplier Winterthur Technologies
AG (WTGN.S: ) for about $448 million in an effort to provide a
broader range of industrial grinding and finishing solutions.

Under the agreement, the U.S.-based 3M will pay 62.00 Swiss
francs ($63.56) for each share through a public tender offer and
the offer is conditional upon a tendering of 66.67 percent of
the shares of Winterthur.

The deal, which is expected to close in the first-quarter of
2011, will slightly add to earnings, excluding items, in the
first 12 months following the completion, the company said.

Winterthur’s Chairman Dr. Edgar Rappold will also tender his
stake of 14 percent in Winterthur as part of the agreement, 3M
said.

Winterthur’s shares closed at 58.00 francs on Friday. 3M
stock closed at $86.94 Friday on the New York Stock Exchange.
(Reporting by Abhinav Sharma in Bangalore; Editing by Jon
Loades-Carter)

UPDATE 1-3M to buy Winterthur Technologies for $448 mln