3M’s tolling and automated license/number plate recognition business is a provider of tolling and automated license/number plate recognition solutions. Its tolling solutions include RFID readers and tags, automatic vehicle classification systems, lane controller and host software, and back office software and services. It also provides mobile and fixed cameras, software, and services in automated license/number plate recognition. The business has annual global sales of approximately $40 million.
“3M believes that the best path forward for this business is with a company focused on tolling and electronic vehicle registration technology,” said John Riccardi, VP and GM, Traffic Safety and Security Division.
The transaction is expected to close by the third quarter of 2017, and is subject to customary closing conditions, regulatory approvals and consultation or information requirements with relevant works councils. Approximately 85 employees are expected to join Neology upon completion of the sale.