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Description
3M buys Aero
The more Aearo Technologies Inc. changes hands, the more its value climbs.
Late this year, St. Paul, Minn.-based 3M agreed to pay $1.2 billion for the Indianapolis-based maker of personal safety gear. The price was more than three times the $381 million Wall Street firm Bear Steams paid for the company in 2004.
3M plans to use Aearo to expand its own health and environmental-safety product lines.
The seller this time around is the British private equity firm Permira, which bought the company from Bear Stearns for $765 million in March 2006.
About 400 of Aearo's 1,700 employees are based in the Indianapolis area: the headquarters is at 5457 W. 79th St.
Bye-bye BAA
It forced retailers to slash their exorbitant prices for a pack of gum. It booted morn-and-pop concessionaires in favor of brand-name restaurants and retailers.
British airport management firm BAA had lots of international expertise to ply at Indianapolis International Airport. Thanks to its efforts, by 2002 the nation's 50th-largest airport had risen to 10th in airport spending per boarding passenger.
But after nearly a dozen years, BAA in 2007 ended a year early its management contract with the airport authority, preferring to own airports. The authority and the airport's 460 employees learned a lot from BAA over the years. BAA didn't fare badly, either, earning $21 million here.
"The airport industry has caught up with BAA," said new airport Executive... |
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