Financial News
3M to sell 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, a wholly owned subsidiary of 3M, which provides biometric solutions with a focus in law enforcement, border control and civil identification. 3M says itss identity management business has annual global sales of approximately $215 million.

“After completing a thorough strategic review, we believe that the identity management business will be better positioned with a company that is primarily focused on security solutions,” said John Riccardi, vice-president and general manager, Traffic Safety and Security Division, which is part of 3M’s Safety & Graphics Business. “I want to thank our employees for their outstanding contributions to our business.”

The transaction is expected to close during the first half of 2017 and approximately 450 3M employees are expected to transfer to Gemalto with the acquisition.