Monday, August 30, 2010

3M to buy Cogent for more than $900 million

Deal is expected to close in fourth quarter

Diversified manufacturer 3M Co said today it is buying Cogent Inc for more than $900 million.

Cogent, based in Pasadena, California, makes automated fingerprint and palm print identification systems that allow its customers to capture fingerprint and palm print images electronically, encode prints into searchable files, and compare sets of prints.

Cogent had about $130 million in revenue in 2009.

The transaction is expected to close during the fourth quarter of the year

3M Chief Executive George Buckley said recently that his company could spend about $2 billion on acquisitions in 2010, double its previous estimate for the year.

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