TorQuest Buys 3M Traffic Units

3M (NYSE: MMM) has agreed to sell its Opticom Priority Control Systems and Canoga Traffic Detection businesses to TorQuest Partners, a Toronto-based private equity firm. No financial terms were disclosed. TorQuest will form a new combined company based in St. Paul, Minn., which will be led by Rick Sachse, who previously ran the businesses for 3M.