3M Co. (NYSE:MMM) said today that it paid $1 billion for the Polypore’s (NYSE:PPO) separations media business, which makes membranes and modules for blood treatment, ultrafiltration and gas transfer.
St. Paul, Minn.-based 3M said Polypore’s separation media segment puts up annual sales of roughly $210 million. The acquisition is expected to dilute earnings this year by about 3¢.
Including that impact and the buyout of Capital Safety, the industrial conglomerate forecast for full-year EPS of $7.73 to $7.93, down from prior guidance for $7.80 to $8.00 per share.
MMM shares were up 1.4% to $140.32 apiece today in mid-afternoon trading.