Diversified manufacturer 3M Co. (NYSE: MMM – $168.36) announced that it has entered into a definitive agreement with Polypore International Inc. to acquire Polypore’s Separations Media business for a total cash purchase price of $1.0 billion. Polypore’s Separations Media business is a leading provider of microporous membranes and modules for filtration in the life sciences, industrial and specialty segments with sales of about $210 million. The new business will join 3M’s Purification business, part of its Industrial Business Group. 3M’s Purification segment is a leader in residential water, commercial foodservice, industrial and life science filtration. Adding Polypore’s Separations Media business will build on 3M’s fundamental strengths in technology, manufacturing, global capabilities and brand. Earlier this week, 3M said that it entered into a definitive agreement to acquire California-based Ivera Medical Corp. for an undisclosed price. Ivera Medical manufactures health care products that disinfect and protect devices used for access into a patient’s bloodstream. The acquisition will expand 3M’s vascular access portfolio. St. Paul, Minnesota-based 3M Co. is looking to organically grow its top line by 4%-6% a year, and expecting to boost share earnings by 9%-11% a year over the next few years. I believe the targets are reasonable, and MMM shares, trading at an all-time-high, are a worthwhile core holding for the risk averse. The shares also yield 2.4% at current levels.