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3M Buys GIDCO

Whippany-based GIDCO was represented in the deal by the DAK Group.Diversified manufacturer 3M (NYSE: MMM) today announced the close of its purchase of General Industrial Diamond Co. (GIDCO) for an undisclosed sum.

Whippany-based GIDCO, represented in the deal by the New Jersey-based investment bank the DAK Group, makes superabrasive grinding wheels, dressing tools and machines used to cut and finish hard-to-grind materials for use in industrial markets. The company”s staff of 100, and its facilities in New Jersey and Colorado were transferred intact to 3M. St. Paul, Minn.-based 3M”s acquisition is expected to help the company keep pace with growing demand for advanced production processes in industrial markets.

“Adding GIDCO bonded superabrasives enhances our existing product line and enables 3M to deliver cost reduction to our customers through manufacturing process improvements,” said Rosa Miller, division vice president, 3M Abrasives Systems Division.
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