Financial News
3M completes sale of Identity Management business to Gemalto

3M’s identity management business provides biometric hardware and software that enable identity verification and authentication, as well as secure materials and document readers. The business includes 3M Cogent, Inc., a wholly owned subsidiary of 3M, which focuses on the law enforcement, border control and civil identification sectors. Annual global sales of the business are approximately $205 million, according to 3M.

The identity management business was part of 3M’s Traffic Safety and Security Division, which is in the Safety & Graphics business. Approximately 450 3M employees are expected to join Gemalto or one of its affiliates.

As 3M discussed on its April 25, 2017, earnings conference call, the company will record a $0.05 to $0.10 per share benefit from this divestiture, net of various investments to drive growth and improve productivity.