Diversified manufacturer and conservative candidate 3M Co. (NYSE: MMM – $145.88) will pay about $885 million for Sumitomo Electric Industries Ltd’s. 25% stake in their Japan joint venture, giving 3M full control of the business. The deal is expected to add about 8 cents per share to earnings in the first 12 months after it closes. The cash transaction will give 3M 100 percent ownership upon the expected closing of the deal in September. The joint venture was originally formed in 1961 between 3M, Sumitomo and NEC Corp. While Japan is by no means a growing economy, the company sees the transaction as “a strategic acquisition in a business we know well, as we have grown the business profitably for over 50 years,” according to CEO Inge Thulin. The company acquired NEC’s stake in 2003, increasing 3M’s interest to 75 percent. 3M went on to say that it has plans to spend $5 billion to $10 billion on acquisitions through 2017, including possible “multibillion-dollar” transactions that could exceed its previous deal sizes of as much as $1 billion apiece. MMM is scheduled to report second quarter earnings on July 24 with a consensus estimate of $1.91. The shares, up 27% in the past twelve months, remain a solid long-term conservative holding and yield 2.36% at current quotations.