3M is now the sole owner and the business will be known as 3M Japan Ltd.
announced that it has completed its acquisition, through Sumitomo 3M Ltd., of Sumitomo Electric Industries Ltd.’s 25% interest in Sumitomo 3M Ltd. for 90 billion Japanese yen (approximately $865 million at current exchange rates). 3M is now the sole owner and the business will be known as 3M Japan Ltd.
Sumitomo 3M Ltd. was established in 1961 as a joint venture between 3M, Sumitomo Electric Industries Ltd. and NEC Corp. In 2003, 3M acquired NEC’s 25% stake, which increased 3M’s interest to 75%.