3M Sells Stake in Combi Packaging Systems

SIAT Group, a maker of case taping and wrapping machinery, acquired the 50% share.

3M sign at the company's headquarters in Maplewood, Minn.
3M sign at the company's headquarters in Maplewood, Minn.

ST. PAUL, Minn. — 3M on Thursday announced that it has sold its 50% equity stake in Combi Packaging Systems LLC to SIAT Group, an H.I.G. Capital portfolio company and provider of case taping machinery, wrapping machinery and strapping equipment.

Combi is a U.S.-based producer and distributor of end-of-line packaging machinery and spare parts, from individual case erectors to fully integrated packaging lines with robotic packaging and palletizing. Combi also acts as the service and warehousing provider for the 3M-Matic Case Sealing equipment brand primarily in North America.

In conjunction with the sale, 3M will continue to sell 3M-Matic products.

The 3M-Matic brand, technologies, and portfolio are retained by 3M and will continue to be sold through approved channels worldwide. 3M's Industrial Packaging business will leverage its more than 50 years of case-sealing technology and expertise to further focus on innovating next-generation packaging solutions to meet the evolving needs of customers.

The sale will not have a material impact on 3M's financial results.

More in Mergers & Acquisitions