The American multinational corporation 3M has extended and expanded its sponsorship of Nascar.

Under terms of the new extended five-year deal, thought to be worth several million dollars annually, 3M will continue in its production of officially licensed products of Nascar until 2015.

Speaking to the information company Thomson Reuters, 3M vice president, Mark Fenner, said, "It's an extension and an expansion to cover a broader range of product categories. We see this as an area of opportunity. There's a lot more we can leverage out of our Nascar involvement."

Slightly larger in size than 3M's previous five-year deal, Fenner went on to reveal that 3M will be adding medical products, including bandages, and labeling supplies to its product range.

Odis Lloyd, Nascar automotive group managing director, said, "It's a good deal for Nascar and a fantastic deal for 3M or they wouldn't be involved with us in this day and age. Nascar is still relevant."   

Financial details of the deal were not revealed and an official announcement is expected to be made shortly.Source: SportsPro