3M closing the book on its e-library service

3M has given up trying to topple the leading electronic book provider, Cleveland-based Overdrive, and will sell the operation to an investor group.

The 3M business had annual sales of about $100 million. The operation helped library patrons check out printed books at self-service kiosks and borrow e-books through an Internet lending service. The enterprise also helped libraries protect, track and manage their physical and digital collections.

The business was part of 3M's Traffic Safety and Security Division, which the Twin Cities-based company says will now focus on core businesses such as signage and vehicle identification.

When the sale is completed, the 100 or so employees with the library business are expected to join the new owner.