(Rochelle Park, NJ - March 13, 2006) The DAK Group Ltd. announced today the acquisition of General Industrial Diamond Company, Inc. (GIDCO) by 3M (NYSE: MMM). Terms of the acquisition were not disclosed.

GIDCO is a leading manufacturer of superabrasive grinding wheels, dressing tools, and machines used to dimension and finish hard-to-grind materials in industrial and commercial markets. The firm employs approximately 100 people and has facilities in New Jersey and Colorado.

3M's acquisition of GIDCO combines expertise in superabrasives to deliver a broader range of grinding and finishing solutions to meet the growing demand for advanced production processes in industrial markets.

Demand for hard-to-grind materials is fueling the need for improved grinding and finishing processes using superabrasives. 3M's diamond and CBN (cubic boron nitride) flexible abrasives and GIDCO's bonded superabrasives produce precision finishes on hard to grind materials such as ceramics, thermal spray coatings, stone, glass, carbides, and nonferrous metals.

"Adding GIDCO bonded superabrasives enhances our existing product line and enables 3M to deliver cost reduction to our customers through manufacturing process improvements," said Rosa Miller, division Vice President, 3M Abrasives Systems Division. "The combination of 3M's technology and global presence with GIDCO's strong product offering enables sales synergies and positions 3M as the premier source of engineered grinding and finishing solutions."

Alan Scharfstein, President of The DAK Group said: "Our goal is to consistently provide the middle market with M&A transactions that make financial and strategic business sense for both parties. 3M's acquisition of GIDCO is such a transaction. It enables 3M to increase its value to clients, by expanding both product and processing capability. In initiating this deal, we saw the potential benefit to both 3M and GIDCO."