World Security Report News2016-12-09 08:25:45

3M to Sell Identity Management Business

3M announced today that it has entered into agreements to sell the identity management business within its Traffic Safety and Security Division, to Gemalto, the world leader in digital security, for $850 million, subject to closing and other adjustments.

3M's identity management business is a leader in identity management solutions providing 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 provides a full spectrum of biometric solutions with a focus in law enforcement, border control and civil identification. 3M's 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."

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