3M Collaborates with Festool for Automotive Repair Market
3M Company recently collaborated with Festool brand products’ maker, TTS Tooltechnic Systems AG & Co. KG, to furnish customers with an all-inclusive surface preparation and finishing system. The new system will cater to the worldwide automotive collision repair industry’s requirements for surface preparation and finished products.
3M’s Automotive Aftermarket Division (AAD) is likely to become the exclusive supplier of 3M and Festool Automotive System’s new products in the market. The company expects to launch the products in the U.S. and Canada in the second half of the current year.
This strategic collaboration is a smart move by the company. The deal will help 3M become the sole supplier of this new system, giving it an edge over its competitors and helping it expand its foothold worldwide.
As per Hexa Research, the Global Automotive Collision Repair market size is expected to reach $196 billion by 2020, growing at a CAGR of over 2% from 2014 to 2020. The rapid increase in the fleet of automobiles and number of vehicles on roads is also expected to raise demand for 3M’s products in the global collision repair market. On the basis of this research, we can conclude that 3M’s initiative to collaborate with Festool Automotive Systems using the latter’s best- in-class power tools for providing innovation and quality will help it cater to the growing customer demand in the Automotive Collision Repair market. 3M’s new system is likely to be profitable for the company, besides helping it expand its portfolio in the market.
This article originally appeared on Zacks.