3M

3M (Minnesota Mining and Manufacturing Company) is a multidisciplinary manufacturing corporation from the United States.

Structure

By April 2019, 3M's operations are divided into four main divisions:

• Safety & Industrial;
• Transportation & Electronics;
• Health Care;
• Consumer.

History

2023

Consent to pay $10.3 billion for pollution with "eternal chemicals" of water bodies and soil

At the end of June 2023, 3M said it had reached an agreement with a number of US government water systems worth $10.3 billion to settle water pollution claims.

3M said that under the agreement, until 2036, funds will be allocated to cities, towns and other public water systems to conduct tests and treat contaminants caused by per- and polyfluoroalkyl substances, or PFAS. 3M, which faces thousands of claims over PFAS pollution, did not admit responsibility but said the funds would help rebuild public water systems where PFAS are found at any level.

In early June 2023, a trial of the 3M company in a lawsuit in Stewart, Florida, was to take place in a federal court in South Carolina. The judge overseeing the case adjourned the trial the morning it was due to begin. In his 2018 lawsuit, Stewart alleged that the company 3M produced or sold firefighting foams containing PFAS that contaminated local soil and groundwater, and demanded more than $100 million for filtration and restoration. This was one of more than 4,000 lawsuits filed against 3M and other chemical companies.

PFAS, which are called "perpetual chemicals" because they don't break down easily in the human body and the environment, are used in a wide range of products, from non-stick utensils to cosmetics, and have been linked to cancer, hormonal dysfunction and environmental harm. The U.S. Environmental Protection Agency (EPA) called PFAS an urgent public health and environmental issue. Since 2018, the EPA has taken a number of steps to tighten regulations on these chemicals, and in March 2023 announced the first-ever national drinking water standards for six of them.

3M in December 2022 set a deadline for the termination of PFAS production until 2025. Three other large chemical companies Chemours, DuPont de Nemours and Corteva in May 2023 announced an agreement in principle worth $1.19 billion to settle claims over their pollution of US public water systems.^[1]

Laying off 1,100 staff at HQ

In early May 2023, the American company 3M notified the Minnesota state authorities about the next round of staff reductions. As part of the restructuring, approximately 1,100 employees at Maplewood headquarters will be laid off.

3M in the current macroeconomic situation and the conditions of the crisis in the United States is forced to initiate a comprehensive program to reduce costs. It is noted that all key business units of the company faced a decrease in sales. Layoffs at headquarters affect, among other things, employees working remotely: the reorganization process will begin on June 30, 2023. It is noted that as of the end of 2022, the 3M staff totaled approximately 92 thousand people in branches around the world.

In addition to reducing the number of employees, restructuring includes reducing the size of the corporate center, simplifying the supply chain, streamlining the geographical presence and reducing the number of management levels. In addition, the company intends to optimize its operating models. All this should improve the efficiency of business processes.

Despite the downsizing, 3M said it would continue to focus on both its existing lines of business and potentially fast-growing areas including climate technology, industrial automation, semiconductors and next-generation consumer electronics. 3M expects the restructuring initiative to save the company $700 million to $900 million a year.

We are confident that these are the right actions that will provide us with growth and profitability as we develop in the future. In addition, this will help us navigate the uncertainties that we face in the current market conditions, "said 3M CEO Mike Roman[2]

A plan for a new reduction of 6,000 employees

In April 2023, it was announced that 3M plans to cut another 6,000 jobs, and the cuts are expected to reduce annual costs by up to $900 million.

Dismissal of 2.5 thousand employees due to the crisis in the economy

At the end of January 2023, 3M announced the reduction of 2.5 thousand jobs. The American corporation was among the companies that laid off their employees amid the United States struggling with growing inflationary pressure.

The reason for the reduction was the sharply falling profit of 3M due to problems in the economy and the geopolitical situation. 3M Executive Director Mike Roman expects that the negative macroeconomic situation will continue in 2023. The company 3M employs about 100 thousand people at the end of 2022.

Our focus is on delivering on activities launched in 2022 and delivering the best performance for customers and shareholders. Based on what we see in our end markets, we will reduce about 2.5 thousand global production positions - this is a necessary solution to bring it in line with adjusted production volumes, "said Mike Roman, Chairman of the Board of Directors and CEO of 3M.

In December 2022, 3M announced that the company would stop producing and using per- and polyfluoroalkyl substances - also known as "perpetual chemicals" by the end of 2025. This event was also mentioned in the company's report on the results of 2022. So-called perpetual chemicals are used in non-stick pans, water-repellent sports gear, stain-resistant carpets, cosmetics and a host of other consumer products.

In late 2022, the agency Bloomberg said 3M announced future layoffs in an internal memo. According to Bloomberg, valuable specialists, as well as professionals with experience, are included in the list for reduction, with whom the management of 3M is especially reluctant to part.^[3]

2022: Establishing 3M Healthcare to Grow the Medical Business

On July 26, 2022, 3M announced the spin-off of its healthcare business into a separate public company, 3M Healthcare. Read more here.

2020

2,900 job cuts

In early December 2020, 3M announced 2,900 job cuts. CEO Michael Roman decided to accelerate the company's restructuring after the COVID-19 pandemic seriously undermined its position in many markets.

The cuts will affect about 3% of the workforce and affect all business groups and all regions, management said in a statement. Restructuring will lead to a decrease in expenses by $300 million over the next three years.

Overall, 3M's restructuring aims to capitalize on markets that have proven resilient to the pandemic, such as e-commerce, home renovations and personal safety. At the same time, the company will cut the budget of more "sluggish" sectors: the hotel industry, the production of stationery and the implementation of some medical procedures.

We have the opportunity to reduce employees who duplicate each other's functions, simplify the order of subordination, restructure our business to achieve greater growth and productivity, "said Michael Roman at a specially organized video conference.

The COVID-19 pandemic has hit some of the company's key markets hard, but at the same time boosted demand for other products, such as N95 respirators with the ability to filter viruses. In January 2020, 3M began modernizing its operations and planned to cut about 1,500 jobs. During the initial restructuring, 3M increased the production of N95 masks necessary for medical workers to protect against coronavirus, but otherwise revenues during the pandemic fell sharply. It is assumed that a full-fledged modernization of the company will help it reduce costs by $250 million in 2020 and by $75-100 million in 2021.^[4]

Dismissal of 1,700 employees

On August 7, 2020, it became known that 3M had decided to lay off another 1,700 employees. This step is provoked by the COVID-19 coronavirus pandemics and the sale of the medical device business to Altaris Capital Partners.

3M is laying off employees after announcing 1,500 job cuts in January 2020. The company explained that the additional layoffs are the result of a crisis triggered by COVID-19 and the sale of its drug delivery business. Two rounds of cuts at 3M's Maplewood headquarters eliminated fewer than 70 jobs, one 3M official said.

The cuts also stem from arrangements by the US company to sell its medical device unit to Altaris Capital Partners. The transaction is estimated at $650 million, it is part of a plan to reduce the number of non-core assets. Taking into account the approval of the transaction by American regulators, as well as other possible costs, 3M expects to receive $650 million in the form of a combination of cash, interest rate securities and 17% of shares in the form of a non-controlling stake in the new company.

3M Chairman and CEO Michael Roman noted that the company's drug administration equipment business is a key supplier of transdermal and inhalation delivery devices. The deal with Altaris Capital Partners will allow 3M to focus on growing its core healthcare business. The terms of the transaction will also allow 3M to maintain its share in the value of the business for the production of the aforementioned equipment. The final completion of the transaction involves the transfer of approximately 900 employees to a new company.^[5]

2019

Opening of 3M Espertise Center for dentists in Moscow

The international company 3M June 10, 2019 announced in Moscow the opening of 3M Espertise Center - an educational platform for dentists.

The 3M Espertise Center site includes 14 individual dental facilities for participants. Each workplace is equipped with the latest technology: tips, adjustable water and air supply, touch lighting control and a monitor. The technical equipment of the installation allows you to customize the individual profile of the participant with the possibility of saving the selected parameters.

Working with quality dental materials requires good manual skills. We would like every doctor who strives to improve their skill level to be able to implement this at our centre. Everything is aimed at ensuring that the doctor can most effectively hone his skills for future practice in the clinic, - said the Evgeny Mikheev Director of the Department Health care Russia and the CIS.

The level of equipment of the class allows you to work in conditions of ideal ergonomics of the workplace, each of them is equipped with a movable Planmeca module with touch control, upper tip feed, contactless adjustment of light intensity, as well as the best specialized dental seats that form a correct, safe for the doctor's health landing.

Russian and international consulting doctors, high-level specialists, with rich experience and a baggage of clinical knowledge will share experience in this space. And it is important that not a single practical nuance of the lecturer's methodology will remain incomprehensible for the course participant - each module is equipped with a high-accuracy medical monitor Planmeca Serenus, which allows you to delve into the correct sequence of manipulations in detail and step by step, leading to long-term clinical success, the 3M emphasized.

The new center has planned events for dentists of various specializations: therapists, orthopedists, orthodontists, hygienists and children's dentists.

Environmental and Digital Development Cooperation Agreement with Sibur

Sibur and 3M on May 30, 2019 announced the conclusion of an agreement on cooperation in the field of product development and polymer processing on the basis of the Sibur research center PolyLab. Read more here.

$6.7 billion purchase of wound care solution developer Acelity

In early May 2019, 3M announced the purchase of wound care solutions developer Acelity for $6.7 billion. Read more here.

Dismissal of 2 thousand people and reduction of the number of divisions

On April 25, 2019, 3M announced 2,000 job cuts worldwide. Due to layoffs, the company hopes to save from $225 million to $250 million annually. Moreover, in 2019 it is planned to reduce costs by $100 million.

However, first 3M will have to spend about $150 million to reduce the number of personnel, including the payment of compensation to dismissed employees.

3M notes that the personnel restructuring will affect "the corporate structure and areas demonstrating weak results." At the same time, the company did not specify the divisions in which the most employees will be laid off.

3M announced a reduction in staff a month after the announcement of the restructuring, in which the company reduced the number of divisions from five to four:

• Safety & Industrial;
• Transportation & Electronics;
• Health Care;
• Consumer.

Previously, the structure was as follows:

• Industrial;
• Safety and Graphics;
• Healthcare;
• Electronics and Energy;
• Consumer.

And even earlier, the company had seven divisions. In March 2019, structures developing safety solutions (personal protective equipment, workplace safety, food and road safety) and industrial products (filtration solutions, electrical products, abrasive materials, etc.) were combined. The merger can hardly be called unexpected, given that the divisions have long used the same partners for distribution. The annual revenue of the combined division is estimated at $12 billion.

The creation of the Transportation & Electronics structure, which oversees the development of transport technologies and electronics, can be seen as a sign that the company is serious about mastering the market for high-tech automotive solutions using sensor devices.

On the day 3M reported mass layoffs, the company's shares fell more than 12%.^[6]

2018

Net income per share for the year increased by 12.1%

On February 4, 2019, it became known that 3M reported its results for 2018. Net income per share was $8.89, showing an increase of 12.1% compared to 2017.

Key indicators of 2018:

• Sales amounted to $32.8 billion. US, which is 3.5% more than in 2017.
• Sales in local currencies rose 3.2%. Growth was observed in all business groups and all regions of operation.
• Net income was $8.89. U.S. per share vs. $7.93 In 2017, adjusted annual earnings per share were $10.46. US versus $9.17 USA at the end of 2017.
• $8.1 billion The US is returned to shareholders through dividend payments and gross share buybacks.

The sale and acquisition of assets combined yielded an increase of 0.1% for 2018. Currency fluctuations reduced the total sales volume by 0.2%. Annual operating margin was 22.0% and adjusted operating margin was 24.7%, up 40 basis points from 2017.

The operating turnover of the company's funds amounted to $6.4 billion. US, helped by the transfer of 91% of net income into free cash flow.

At the end of 2018, 3M paid $3.2 billion to its shareholders. US as a cash dividend and bought out its own shares in the amount of $4.9 billion. UNITED STATES.

Closing a deal to sell the fibre business

The company 3M on June 5, 2018 announced the closure of a deal with Corning Incorporated to sell solutions for the telecommunications market. The volume of the transaction amounted to about $870 million before closing and other adjustments.

The telecommunications equipment business 3M includes optical and copper solutions for the telecommunications industry, including FTTx, xDSL and Structured Cable System (SCS) products. Annual global sales of this business amount to approximately $400 million.

The sale of the telecommunications integration solutions business, based in Hanover, Germany, remains incomplete. The closure of the transaction is expected at the end of 2018 with a volume of about $30 million.

As a result of the transaction, 3M expects to increase earnings per share of approximately $0.40-0.45 at the end of the year, net of actions related to the sale.

Michael Roman - the new CEO of 3M

In March 2018, 3M announced the appointment of Michael Roman as CEO. He will lead the company a year and a half after becoming chief operating officer. Read more here.

2017

Q4 and Fiscal Year Totals

Quarter results

The volume of 3M sales in the fourth quarter of 2017 increased by 9 percentage points and amounted to $8 billion. Sales in local currencies increased by 6%, and acquisitions of other companies excluding asset sales led to sales growth of 0.3%. Currency fluctuations increased sales by 2.7% compared to the same period last year.

Earnings per share were $0.85, down 55% from the fourth quarter of 2016. Under the Employment and Tax Cuts Act, which went into effect in the fourth quarter, tax payments totaled $762 million, or 1.25% per share. Excluding these expenses, earnings per share amounted to $2.1, an increase of 11.7% compared to the same period last year.

Operating profit amounted to $1.8 billion, operating profit margin for the quarter - 22.8%. Operating cash flow amounted to $1.9 billion and provided an increase in free cash by 268%.

In the fourth quarter, 3M paid $699 million in cash as dividends to shareholders and made a gross share buyback of $504 million.

Sales growth by business group was: Security and graphics - 15%, Electronics and power - 12.5%, Consumer products - 7.3%, Industry - 6.9%, Healthcare - 6%. Organic sales growth in local currencies reached 11% by business group Electronics and power, 10.7% by Safety and Graphics, 5.4% by Consumer Goods, 3.9% by Industry and 3.1% by Healthcare.

Geographically, the largest organic sales growth in local currencies was observed in the Europe, Africa and the Middle East region - 17.1%, in the Asia-Pacific region the indicator was 14.4%, in Latin America/Canada - 4%, in the USA - 3%.

Organic sales growth in local currencies rose 11.9% in Asia-Pacific, 6.8% in Europe, Africa and the Middle East, 2.8% in the US and 2.5% in Latin America/Canada.

Results of the year

At the end of 2017, 3M sales increased by 5.1% (by 5.2% in local currencies) and amounted to $31.7 billion. Earnings per share amounted to $7.93 (a decrease of 2.8%). Acquisitions of other companies and asset sales reduced sales by 0.6%. Currency fluctuations led to an increase in the total sales volume by 0.5%. Operating profit margin in 2017 reached 24.7%, an increase of 70 base points compared to 2016. Excluding the effect of the Employment and Tax Cuts Act, adjusted earnings per share were $9.17, up 12.4% from a year ago.

Operating cash flow was recorded at $6.2 billion, it ensured the growth of free cash by 100%. The return on invested capital was 21%. The effect of the Employment and Tax Cuts (Tax Cuts and Jobs Act) and pension payments for the fourth quarter of 2017 added 3 percentage points to the growth in cash flow while reducing returns on investment capital by 3 percentage points.

In general, in 2017, 3M paid $2.8 billion to shareholders and made a gross share buyback of $2.1 billion.

Sale of fiber optic business for $900 million

In December 2017, 3M announced the sale of its fiber network solutions business to Corning, known for developing protective glasses for mobile device displays. The transaction value is $900 million.

We are talking about a division of Communications Markets, engaged in the creation of products for structured cable systems: switching cables, optical panels, coupling-adapters, optical connectors, patch cords, etc. 3M says that this telecommunications business, which brought the company about $400 million in revenue per year, has ceased to be a profile for the manufacturer.

After completing a thorough strategic study, we concluded that this business will fit well into Corning, "said Ashish Khandpur, executive vice president of electronics and power at 3M, who also thanked Communications Markets employees for their" outstanding contribution. "

The sale of 3M Communications Markets to Corning is scheduled to close in 2018. Once all the necessary formalities have been completed, 500 of the division's workers will move to Corning.

3M expects to earn about 40 cents per share on the deal, excluding costs related to the business's spin-off. Goldman Sachs, an investment bank, has been chosen as the company's consultant on the deal.

Corning is set to spend $1 billion to $3 billion to acquire assets as part of a multi-year capital allocation plan. The company predicts an increase in sales of fiber optic solutions to $5 billion by 2020 thanks to the purchase of the 3M business.

As The Wall Street Journal notes, Communications Markets is far from the first 3M business sold. The company previously sold units responsible for the development of biometric solutions and electronic monitoring technologies.^[7]

Earnings per share and sales growth forecast

In 2017, the company predicts:

• Earnings per share in the range of $8.45-8.80,
• Increase in sales by 1-3%,
• Cash flow profitability at 95-105%.

The company plans to invest $1.8 billion in R&D in 2017 to boost organic growth and achieve strong earnings and return on investment. 3M will also monitor the results of the business transformation, which is already having a positive effect on the company and its interaction with customers. By 2020, this initiative should lead to savings of $500-$ 700 million annually, as well as to a reduction in working capital by $500 million.

2016

75 thousand employees and business in 65 countries

The company's annual turnover, according to 2016, is $23 billion, and the number of employees exceeds 75 thousand people. The company has representative offices in more than 65 countries. In the development and production of products, 3M uses more than 40 technological platforms and their combinations.

New strategy

Within the framework of the adopted 3M strategy, the following activities are implemented: management of the securities portfolio, investments in innovation and business transformation aimed at improving the efficiency of operations and developing a customer-oriented model of the organization. 3M has strengthened and prioritized its product portfolio, reducing the number of its business areas from 40 to 25, as well as making a number of strategic transactions for the acquisition and sale of assets. Investments in science and innovation account for about 6% of sales, the transformation of the business continues, the goal of which is to improve the efficiency and quality of 3M work with customers.

Sale of biometric business to Gemalto group for $850 million

In December 2016, 3M (Minnesota Mining and Manufacturing Company) announced the sale of the division responsible for the development and sale of identity management solutions. This business is bought by a large developer of digital security technologies Gemalto for $850 million.

The 3M division sold creates, in particular, hardware and software biometric solutions (face, fingerprint and iris recognition sensors) and passport scanners used by law enforcement, customs enforcement, as well as civilian companies.

3M's revenue in this business is estimated at $215 million per year. About 450 people are involved, and they will all move to Gemalto after the terms of the agreement are met.

The deal is scheduled to close before the end of the first half of 2017. First, it must be approved by regulators. Investment bank Goldman, Sachs & Co has been selected as 3M's consultant in the process of selling these assets.

3M Vice President of Road Safety Technology Development John Riccardi says the company has decided to sell the identity management solutions business after careful consideration.

We are confident that the identity management business will improve in a company that is primarily focused on security solutions, "Riccardi said.

In August 2016, 3M CEO Inge Thulin said that some security divisions are showing weak results, so the company gets rid of such assets, leaving only those areas that have the best opportunities for growth.^[8]

Earnings per share and sales growth forecast

At the end of the year, it is planned that the profit per share will be in the range of $8.45-8.80, and sales will increase by 1-3%. According to forecasts, the return on cash flows will be at the level of 95-105%.

2011

The company 3M improved its 2011 earnings per share guidance to $5.95-6.20. US instead of previously expected 5.90-6.10 dollars. UNITED STATES. This range includes annual pension indexation and pension benefit costs. Excluding them, expected earnings per share will be $6.17-6.42. US, with growth of 10-14% from the previous year. The company also expects double-digit sales growth in 2011, taking into account an increase in organic growth by 5.5% -7.5%, an additional 1% - 2% due to exchange rate differences, as well as acquisitions that increase sales by 4% - 6% per year.

2010

3M announced its 4 quarter and 2010 financial results:

• 3M announced sales of $6.7 billion in the fourth quarter of 2010. US, up 9.6% year-on-year. Net income

The company amounted to $928 million. U.S., or $1.28 per share, compared to $935 million. United States, or $1.30 U.S. per share for the same period in the previous year.

• Sales growth was seen in all six 3M departments. The best indicators were achieved by the departments of Electrical and Telecommunication Equipment - 19.8% and Visual Systems

communications - 14.7%. The largest growth in sales indicators was achieved by representative offices in the Asia-Pacific region (18.1%) and Latin America (12.2%).

• For the whole of 2010, the company's sales amounted to $26.7 billion. U.S., and earnings per share of $5.63 US, up 15.3% and 24.6%, respectively. All departments announced positive growth in sales figures. Earnings rose 22.6% to $5.75. U.S. per share. The highest growth was shown by the departments of Electrical and Telecommunications Equipment - 26.9%, Visual Communication Systems - 26.5%, Materials for Transport and Industry - 16.9%.

The company also achieved good sales in the run-up to 2011. In the fourth quarter, they grew by about 10% and amounted to a record amount of $6.7 billion. The United States, despite a negative comparison with the previous year, when sales grew due to the H1N1 flu epidemic, and a decrease in sales growth of optical films for LCD TVs. Sales growth was comprehensive across all departments and representative offices in different countries.

Indicators by department (all indicators are calculated on the basis of GAAP accounting principles including the impact of special expenses)

Materials for transport and industry

• Q4 2010:
  • Sales increased by 10.4% in local currency and amounted to $2.1 billion. UNITED STATES.
  • Sales in the Local Currency Renewables Division increased by 75%.
  • Double-digit sales growth in local currency is observed in the Departments of abrasive systems, materials for the automotive industry, materials for the polymer industry and fuel and energy complex and materials for aviation.
  • Sales grew in all regions, leading the Asia-Pacific region.
  • Operating profit reached $423 million. US, and the rate of return was 19.8%.

• 2010 as a whole
  • Sales amounted to $8.6 billion. US, up 17.5% in local currencies.
  • Double-digit sales growth in local currencies in all regions and almost all departments.
  • Operating profit was $1.8 billion. US, and the rate of return is 21%.

Health care

• Q4 2010:
  • Sales increased by 5.9% in local currency and reached $1.2 billion. US, including 4.3% of acquisitions (Arizant).
  • Local currency sales of nosocomial infection prevention products rose in double digits, single digits growth in sales of skin and wound care materials, health information systems, food safety materials and drug application systems, small growth in sales of oral care products.
  • Sales grew in all regions, the largest growth in the Asia-Pacific region.
  • Operating profit reached $347 million. USA, the rate of return was 29%.

• 2010 as a whole
  • Sales amounted to $4.5 billion. US, up 5.2% in local currency.
  • Sales growth in all departments and regions.
  • Operating profit was $1.4 billion. USA, and the rate of return is 30.2%.

Home and Office Products

• Q4 2010:
  • Sales volume increased by 8.4% in local currency and reached $961 million. U.S., including growth from acquisitions of 2.6 percentage points.
  • There has been a rise in sales of home care products, double-digit office supplies and category items >, as well <<Сделай сам>as stationery in the single digits.
  • Double-digit gains reached Asia Pacific and Latin America.
  • Operating profit rose 9.8% to reach $175 million. US, and the rate of return was 18.2%.

• 2010 as a whole
  • Sales increased by 10% in local currency and reached $3.9 billion. US, including 2.9% growth from acquisitions.
  • Sales growth in local currencies in all regions and all departments.
  • Operating profit rose 12.3% to $840 million. USA, and the rate of return is 21.8%.

Visual Communication Systems

• Q4 2010:
  • Sales increased by 10.2% in local currency and reached $903 million. UNITED STATES.
  • There is a double-digit increase in sales in Optical Systems and Commercial Graphics, as well as a slight increase in sales in Traffic Safety Systems.
  • Double-digit sales growth in Latin America/Canada, Asia-Pacific and the United States.
  • Operating profit was $144 million. US, and the rate of return is 15.9%.

• 2010 as a whole
  • Sales amounted to $3.9 billion. US, and increased by 23% in local currency.
  • Sales in local currencies grew in all departments, especially in the Optical Systems and Commercial Graphics departments.
  • Highest growth in Asia-Pacific and Latin America.
  • Operating profit rose 60% to $946 million. US, and the rate of return is 24.4%.

Safety, Security and Protection Systems

• Q4 2010:
  • Sales volume increased by 8.1% in local currency and reached $847 million. The United States, including 4.3% of acquisitions (Cogent and Attenti companies), comparison with the H1N1 epidemic period reduces sales growth by 12.5%.
  • Local currency sales growth of 150% is mainly due to organic sales growth, but also due to acquisitions.
  • All regional offices reported sales growth in local currencies. The largest growth in sales volume was observed in Europe .
  • Operating profit decreased 14.3% to $165 million. US, with a profit rate of 19.5%.

• 2010 as a whole
  • Sales amounted to $3.3 billion. US, and increased 7.5% in local currency.
  • Positive growth of sales in local currencies in all departments (the largest growth was achieved by the Security Systems department), as well as in all regions. Among the regions, Latin America was in the lead.
  • Operating profit was $707 million. USA, with a profit rate of 21.4%.

Electrical and Telecommunication Equipment

• Q4 2010:
  • Sales volume increased by 20.3% in local currency and reached $759 million. UNITED STATES.
  • Double-digit growth in departments offering products for the electronics and electrical products industries.
  • Asia-Pacific and Latin America/Canada saw the largest sales growth.
  • Operating profit increased 32.2% to $156 million. US, with a profit rate of 20.6%.

• 2010 as a whole
  • Sales amounted to $2.9 billion. US, and increased by 27% in local currency.
  • More than 25% growth in local currency sales of materials and solutions for the electronics and sensor market.
  • Operating profit was $631 million. USA, with a profit rate of 21.6%.

2009

At the end of 2009, 3M costs for the development and implementation of innovations amounted to $1.293 billion, with total sales of $23.123 billion, which amounted to 5.6% of revenue. The constant annual growth in sales of the company's products in relation to its development costs confirms the right choice of the company's innovative and financial strategy.

The company 3M retains the status of one of the most innovative companies in the world for many years. Annually, the company invests in scientific and applied research 6-7% of the turnover - more than $1 billion. US, and over the past 5 years this amount amounted to $6.7 billion. UNITED STATES.

3M has production sites and laboratories in 35 countries of the world, which employ more than 7 thousand scientists and researchers, and its products are based on 45 technological platforms. Among the most famous inventions 3M Post-it® notebooks, Scotch® adhesive tape, Thinsulate™ insulation, retroreflective film for road signs, magnetic recording tape, color copying machine. One high-profile recent invention is a micro-projector the size of a mobile phone.

The company is the owner of 26 thousand patents, more than 500 new patents are registered annually.

2007

In 2007, 3M also ranked third among the most innovative companies in the world in the BusinessWeek magazine.

1902: Founding a company in Minessota State in the United States

3M was founded by five entrepreneurs in 1902 in the town of Tu Harbors (pc. Minessota, USA). Over the course of the company's hundred-year history, employees generate various ideas and integrate them into thousands of new products and technologies that make our lives more comfortable and secure. The company's products 3M increase production efficiency, improve the quality of products, reduce cost and increase labor productivity.

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