3M (NYSE: MMM) Acquiring Canadian Insulation Maker MTI PolyFab

3M (NYSE: MMM) announced it is acquiring MTI PolyFab, a Canadian-based company which makes thermal and acoustic insulation for the aerospace industry. MTI PolyFab is a unit of MTI Global Inc. (TSE:MTI).
 
The type of insulation made by MTI PolyFab is for the noise factor inherent in the aviation industry and those traveling by aircraft. The particular insulation manufactured is light-weight, a specific demand of the aerospace industry in general.

According to 3M, the reason for the acquisition is to blend products from MTI PolyFab with their products developed at Aero Technologies LLC, which is a 3M subsidiary. The combination of products will offer the industry a larger variety of soundproofing solutions they're looking for, said 3M in a statement.

Although a smaller company in contrast to 3M, MTI PolyFab does have a global presence, which along with their home office in Mississauga, Ontario, also has a presence in Brazil, Mexico and Germany. The Germany and Mexico businesses are connected to manufacturing, while the Brazilian presence is a center which provides engineering support.

3M, which is considered one of the more creative companies in the world, has made another smaller acquisition recently, buying A-One, a label-maker based in Japan.

While terms of the deal weren't disclosed, 3M projects the deal should close some time in the second quarter.