Earlier this year, 3M announced the upcoming sale of their tolling and automated license plate recognition business. On June the 30th, 3M confirmed that the sale to Neology Inc. had been completed. Neology is a leading provider of solutions for tolling and electronic vehicle registration applications. The company is a subsidiary of SMARTRAC, which is managed by One Equity Partners. 3M’s tolling and automated plate recognition business should be the perfect complement to Neology’s current offerings. The tolling solutions include lane controllers, RFID readers, RFID tags, automatic vehicle classification systems, and host software.
The business also includes mobile and fixed cameras that can be utilized for automated license plate recognition purposes. On average, the business generates annual sales of forty million dollars. The business was initially a component of 3M’s Transportation Safety Division. Around 75 employees are expected to make the transition to Neology. 3M expects that the impact of the transaction will be neutral for their 2nd quarter and full year 2017 GAAP earnings per share. Additional details can be found here.