OREANDA-NEWS. 3M announced today that it has completed its acquisition of Capital Safety from KKR for a total enterprise value of $2.5 billion, including the assumption of approximately $0.7 billion of debt, net of cash acquired. Capital Safety is a leading global provider of fall protection equipment, one of the fastest-growing safety categories within the global personal protective equipment industry.

3M’s Personal Safety business provides respiratory and hearing protection solutions that help improve the safety and security of workers. The business also supplies products and solutions in other safety categories such as reflective materials for high-visibility apparel, protective clothing and eyewear, among others.

Capital Safety’s industry-leading products and solutions include harnesses, lanyards, self-retracting lifelines and engineered systems. The business has annual global sales of approximately $430 million.

The addition of Capital Safety bolsters 3M’s personal safety platform to meet the growing demand for personal protective equipment driven by increasing regulatory focus on worker safety across both developed and developing countries. 3M’s global capability combined with Capital Safety’s products will enable 3M to bring a broader array of personal protective equipment products and solutions to more customers worldwide.

On a GAAP reported basis, 3M estimates the Capital Safety acquisition to be $0.04 per share dilutive to 2015 earnings, all of which will be incurred in the third quarter.

3M’s 2015 earnings guidance of $7.80 to $8.00, announced on July 23, 2015, excluded the estimated impact from its pending acquisitions of Capital Safety and Polypore’s Separations Media business at that time. The acquisition of the Polypore Separations Media business is still pending completion.