3M to pay $1.3 million to British firm - Bring Me The News

3M to pay $1.3 million to British firm

The Porton Group and its partners filed a lawsuit claiming the Maplewood company failed to deliver on a promise to market a diagnostic test for hospitals. 3M made a multimillion-dollar deal to acquire the test in 2007, but much of the payout was tied to future sales. A year later, 3M had dropped the product, BacLite. The investment fund had sought $40 million in the suit. Both sides have claimed a victory in the case.
Author:
Publish date:
Social count:
0

The Porton Group and its partners filed a lawsuit claiming the Maplewood company failed to deliver on a promise to market a diagnostic test for hospitals. 3M made a multimillion-dollar deal to acquire the test in 2007, but much of the payout was tied to future sales. A year later, 3M had dropped the product, BacLite. The investment fund had sought $40 million in the suit. Both sides have claimed a victory in the case.

Related

3M to invest $50 million in China

A 3M executive says the $50 million investment is part of a "five-year strategy for China to increase annual sales 15 to 20 percent." The Maplewood-based manufacturer plans to develop new technology and products for the China market -- 3M's biggest overseas market.

3M suing law firm for switching sides

The 3M Co. is suing one of its former law firms for switching sides – to aid in a suit against 3M that claims the company damaged the environment. The company is citing "betrayal" motivated by "greed" of the national firm Covington & Burling LLP, which is now helping the Minnesota attorney general in a suit against 3M.

PepsiCo hires 3M's chief design officer

After 10 years at Maplewood-based 3M, Mauro Porcini will now focus on expanding Pepsi's 12 biggest brands, Fast Company reports. At 3M, Porcini had a role in designing office supplies, health care products and built a sought-after design team. Porcini joins PepsiCo on July 2.

3M to acquire toll road technology firm

Maplewood-based 3M Co. has agreed to pay $110 million in cash to buy Federal Signal Technologies Group, which focuses on electronic toll collection and parking management software services.

3M promises to enhance TV screens

3M and a California-based nanotechnology company will work together to sell a new film that allows LCD displays to deliver richer, truer-to-life color. The Maplewood-based company will provide optical film, as well as engineering and design help. 3M says the film could be used inside TVs, laptops and desktop computers, tablet computers and smartphones.

3M settles lawsuit over Cogent purchase

Both 3M and Cogent deny any wrong doing, but have agreed to pay $1.9 million to shareholders and their attorneys. Bloomberg reports the investors claim Cogent CEO Ming Hsieh favored 3M to collect a retention bonus. The Maplewood-based company paid about $943 million in 2010 for Cogent.

Court throws law firm off state's case against 3M

The law firm handling a Minnesota suit against 3M has been ordered off the case because of a conflict of interest. The firm has previously represented 3M. The judge's ruling is a blow to the state's case involving chemicals formerly made by 3M that turned up in rivers, lakes, and groundwater.

Next Up