A-One Co Ltd, the family-owned office and consumer label business, announced yesterday it has agreed to sell a majority stake to research and technology company 3M.
The deal will see 3M, which already owns the globally-recognised brands Post-It Notes and Scotch Tape, purchase a share in the Japan-based A-One from the founding family. Hiroaki Arai, the current family president of A-One, will remain at the helm after the acquisition. The financial terms of the deal were not disclosed.
In a statement released yesterday. A-One said it had entered the agreement in order to make use of 3M's global network, gain access to better technology and expand its presence in its domestic Asian markets.
Both businesses said they expect the deal to be concluded during the second quarter of 2010.
A-One has been majority owned by the Arai family since it was founded in 1959. It is the largest office and consumer label brand in Asia and the second largest in the world. The acquisition will add to 3M's $3.5 billion consumer and office business and gives the company a gateway into the Asian markets.
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