3M announced today it has entered into a definitive agreement to acquire Incavas Industria de Cabos e Vassouras Ltda., a manufacturer of floor care products based in Rio Grande do Sul, Brazil. Terms of the transaction were not disclosed.
Incavas is an important manufacturer of household floor cleaning tools in Brazil. The company’s line of floor cleaning products includes squeegees, brushes, dust pans and brooms. For more than 40 years 3M has helped consumers clean with Scotch-Brite and O-Cel-O brand cleaning products. Complementary acquisitions such as this support 3M’s core business.
“The Incavas brand will complement 3M’s line of household cleaning tools and help establish the Home Care Division as a strong player in Brazil,” said Michael Vale, managing director, 3M Brazil. “We see strong technical, sales and manufacturing synergies with the combination of Incavas and 3M.”
Incavas employs approximately 150 people. The transaction is expected to close in the first quarter of 2010, subject to customary closing conditions.