3M SPINOFF TO BUILD NANOPARTICLE PLANT

May 8, 2002 — A 3M Corp. spinoff said it plans to build a plant in Minnesota to make nanoparticles for use in pharmaceuticals and ink-jet materials.

Aveka Inc., based in Woodbury, Minn., said its subsidiary, Aveka Nanotechnologies, will be based in Rushford, Minn. Company officials said its proprietary grinding technology will be used to make particles in the 10-nanometer range, and later it plans to add other technologies to develop carbon-based materials, such as fullerenes and nanotubes.

Aveka was formed in 1994 after spinning out of 3M’s Corporate Research Group on Particle Processes. The group’s manager, Willie Hendrickson, is Aveka’s founder and president.

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