Reginal Thomas
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3M buys Sumitomo Electric Industries Stake In Sumitiomo 3M for $885 Million


3M is buying Sumitomo Electric Industries Ltd's stake in their Japanese joint venture for $885 million, giving the U.S. manufacture full control of the business. After the deal is done earnings are expected to rise 8% within the first 12 months. 3M is buying Sumitiomo's 25% take in Sumitiomo 3M Ltd in all cash, the deal is expected to be done by September. Steven Winoker an analyst for Sanford Bernstein, said "While Japan amy be growth challenged, the business is profitable and strong for 3M."