The purchase price has not been disclosed.

Nida-Core produces honeycomb-cored and foam-cored products, closed moulding cores including NidaFusion, composite panels, kiln-dried end-grain balsa, as well as a variety of curing compounds and accessories for the composites market. The products are used in the transportation, marine, renewable energy and other industrial markets.

The acquisition of Nida-Core will strengthen 3M's composite and engineered materials portfolio.

Nida-Core will become part of 3M’s Engineered Products and Solutions Department (EP&S), which delivers a range of products, including composite resins and industrial fastening solutions.

Science company 3M, headquartered in St. Paul, Minnesota, USA, has sales of $23 billion, employs 75 000 people worldwide and has operations in more than 65 countries.

“Combining with 3M gives Nida-Core immediate access to 3M’s vast and global network,” says Damien Jacquinet, founder and president of Nida-Core.

“I am personally very excited by the potential future growth of Nida-Core within 3M, and have committed to stay onboard to participate in the business," he continues. "3M’s proprietary portfolio of films and adhesives, combined with Nida-Core’s wide range of core materials, can produce an impressive range of solutions for general industrial applications and emerging composites applications."

Jacquinet believes that 3M will help speed up Nida-Core's development in major industries such as wind energy and public transportation.

Nida-Core, based in Port St. Lucie, Florida, USA, has a workforce of approximately 25 people.

Structiso

Under the terms of the acquisition agreement 3M will also acquire the business of Structiso SARL, a company affiliated with Nida-Core. Structiso, located in Aniche, France, has a workforce of 3 people. The acquisition of Structiso is expected to be completed early in the second quarter, subject to customary closing conditions.