3M to buy Israeli firm specializing in personal tracking:

NEW YORK – Conglomerate 3M Co. said Tuesday it will pay $ 230 million by an Israeli company that produces technology used to track individuals.

The agreement marks the second technology acquisition in two days for 3M, which is moving ever further fromits roots with the tapes in favor of diversification that has allowed out of the recession quickly.

The Israeli company attentio Holdings SA produces a technology that is based on global positioning systems and radio frequencies to track, for example, movements of persons awaiting trial or on parole and patients in aged care facilities.

3M already has a number of products in the sector, including document readers and verification systems or tools that can be used to locate buried electrical cables and track inventory.

It expects the deal to be completed in the fourth quarter, pending approval from regulatory authorities.

3M expects the acquisition to slightly increase earnings in the first year. Attentio has about 340 employees in Israel, Australia, Bulgaria and the United States. It expects sales this year totaling about $ 100 million.

The agreement comes a day after 3M, based in Maplewood, Minnesota, announced it would pay 943 million dollars for Cogent Inc., which develops systems that read fingerprints and palms and recognition systems iris and
faces. That agreement must also be completed by year’s end.

The division of 3M’s electronics and communications had the highest growth of its six units in the latest quarter, revenues increased 31.6% to $ 726 million.

In total, earnings from 3M in the second quarter rose 43% to 1,200 million dollars. Revenue rose to 6730 million from 5720 million the previous year.

Shares of 3M fell 51 cents to $ 79.14 in premarket trading market on Tuesday.