Wiltshire-based Avon Rubber has announced that it has signed an agreement to acquire 3M’s ballistic protection business and the rights to the Ceradyne brand for an initial cash consideration of approximately $91m.
The company believes that the acquisition represents an attractive opportunity in line with its strategy and that the core strengths of the business are closely aligned with those of the group.
It is a leader in critical personal protective equipment, with strong brand recognition and established positions with the U.S. Department of Defense and world culstomers.
Operating primarily from three sites in the U.S. with approximately 280 employees, the business is a leading provider of next generation armour solutions, including ballistic helmets and body armour, and is a trusted supplier to military and law enforcement customers. In the year ended 31 December 2018, the business delivered revenue of $85.4m.