ST. PAUL, Minn. — Business Wire reported Sept. 8 that 3M announced it entered into an agreement to acquire Meguiar’s Inc., the 100-year-old family business that manufactures the Meguiar’s brand of car care products. According to Business Wire, terms of the transaction were not disclosed.
The deal will combine the well-known products of Meguiar’s with 3M’s growing array of automotive products.
“The addition of Meguiar’s builds on our professional offering for the automotive industry and brings the expertise of Barry Meguiar in the growing enthusiast market for car care products,” Ian Hardgrove, 3M’S Automotive Aftermarket Division VP, told Business Wire.
“Combining with 3M will greatly enhance our ability to serve and support Car Crazy people on a global basis,” said Barry Meguiar, president and CEO, Meguiar’s Inc.
Meguiar’s is headquartered in Irvine, Calif., and employs approximately 115 people. The transaction is expected to be completed in the fourth quarter.