3M Acquires LeanTec For Undisclosed Sum

• 3M (NYSE:MMM) has acquired the technology assets of LeanTec, a provider of digital inventory management solutions for the automotive aftermarket segment in the U.S. and Canada. Deal terms were not disclosed.
• The acquisition highlights 3M's commitment to its "connected bodyshop," one of its active digital platforms that blend data collecting and analysis with material product platforms to capitalize on evolving requirements and trends.
• "This acquisition adds new levels of data integration and insights that will allow body shops greater visibility of their business operations, operational efficiency, and a better customer experience," commented Dave Gunderson, president, 3M Automotive Aftermarket Division.
• The LeanTec technology complements 3M RepairStack Performance Solutions, hardware, and software system.
• 3M held cash and equivalents of $4.56 billion as of December 31, 2021.
• Price Action: MMM shares are trading lower by 1.53% at $146.89 on Monday's last check.