3M Continues Spending Spree With Arizant Purchase (MMM)

3M Company MMM has agreed to acquire Arizant Inc., a maker of specialized hospital blankets, for $810 million. Shares of 3M are up slightly this afternoon, to $82.87. According to a Bloomberg report, "The purchase of Arizant will decrease earnings by 3 cents a share in the first 12 months after the deal is completed, 3M said today in a statement. Arizant, also the maker of gowns to keep patients warm on the operating table, will add to the St. Paul, Minnesota-based 3M’s health-care unit, its second biggest after the industrial and transportation division." Jeff Windau, an analyst with Edward Jones & Co. in St. Louis, applauded the move to Bloomberg. “It definitely fits into that healthcare sector, which is an area of growth for the company.” The Bloomberg report notes that "The company had $3 billion in cash and equivalents as of June 30. At the end of August, 3M said it would buy Cogent Inc., a maker of fingerprint-identification devices, for $943 million and Attenti Holdings SA, a maker of electronic tracking tools including ankle bracelets, for $230 million." 3M Company is a diversified technology company with a global presence in a number of industries.