The acquisition of A-One accelerates 3M’s expansion into the consumer and office label business in Asia.
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Latest In 3M
Industrial and Transportation, and Electro and Communications sectors saw largest sales declines in 2009.
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After a year of uncertainty, 3M is looking forward to a year of recovery, though the pace of recovery will be “patchy and slow,” according to President and CEO George W. Buckley. Buckley addressed analysts and investors at the 3M 2010 Outlook meeting earlier this month.
“2010 will be a year of separation: The strong will get stronger, and the weak won’t,” Buckley said. “This will be a time when real market share transfers could begin.”
Sales for the St. Paul, MN-based diversified manufacturer have …
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More companies – such as 3M – are changing their tone about integrating green and alternative energy into their business plans.
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Incavas, the company 3M is acquiring, has 150 employees.
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The diversified manufacturer expects organic sales to grow 5% to 7% in the coming year.
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The new division focuses on mobile electronic device displays.
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3M is forming an alliance with Sewerin, a German company that will manufacture the products for the diversified manufacturer.
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Electronics & Communications, Display & Graphics segments posted year-over-year gains for the diversified manufacturer.
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Diversified manufacturer tells Bloomberg the spending will happen in the next 12 months.
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Diversified manufacturer 3M, St. Paul, MN, reported second-quarter sales were $5.7 billion, a decline of 15.1% from the same period a year ago. Profit declined 17.1% to $783 million.
Local-currency sales including acquisitions decreased 9.4%, currency translation effects reduced sales by 5.5% and divestitures reduced sales by 0.2%.
Year-to-date, sales were $10.8 billion, down 18.1%. Profit decreased 32.7% to $1.3 billion.
Industrial and Transportation
Second-quarter sales for the Industrial and Transportation segment were $1.7 billion, down 15.3% year-on-year in local currency. Acquisitions contributed a 3.3% benefit; currency impacts reduced sales by 5.4%.
Sales improved by 9.2% when compared to first quarter of 2009.
Display and Graphics
Display and …
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3M has acquired the ACE-branded elastic bandage and supports product lines and related brands, and thermometer product line from BD (Becton, Dickinson and Company). Terms of the transaction were not disclosed.
"ACE is a great extension of our consumer products portfolio," said Dr. Gabi Sabongi, vice president, research and development, and new business ventures of 3M Consumer and Office Business. "ACE brings to our company an iconic brand with admirable consumer loyalty. ACE and its related brands also broaden our channels for consumer products, including the sporting goods …
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3M, St. Paul, MN, reported first-quarter sales of $5.1 billion, a decrease of 21.3% from the first quarter of 2008. Profit was $518 million, about half of what it was a year ago.
As expected, the global economic slowdown dramatically affected our businesses in the first quarter, said George W. Buckley, president and CEO. “Substantial end-market declines and continued inventory takedowns in major industries, including automotive, consumer electronics and general industrial manufacturing, resulted in significantly lower sales and profits.
"Accordingly, we aggressively reduced our cost structure, lowered manufacturing output and intensified our attention to operational improvement. The combination of these actions drove strong operating …
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Layoffs and buyouts continue as the weak economy persists. Two industrial companies announced further staff reductions this week.
3M, St. Paul, MN, said it would offer early retirement packages to 3,600 employees in the U.S., about 11% of its total U.S. workforce, according to a report published by the St. Paul Pioneer Press. The announcement comes a week after the diversified manufacturer reported it would be laying off 1,200 employees, primarily outside the U.S.
Lawson Products Inc., Des Plaines, IL, announced it would eliminate 150 positions – about 11% of its workforce – by the end of the second quarter 2009. In addition, the industrial distributor will close its Dallas, TX, distribution center in response to economic …
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Here’s what 3M’s George Buckley had to say about current conditions and supply chain partner reaction in the manufacturer’s recent earnings call with analysts:
"While weak business conditions, poor consumer confidence and the psychological fear factor made it worse, we believe the principle cause of the severe downturn was the shortage of credit to lubricate the wheels of global commerce. That fact effectively locked the cycles of the world’s major economies into synchronism and into shrinking mode.
"… There are always three principle effects that one sees at times like these. The first is that the rate of contraction in sales at wholesale is always a multiple of the rate of contraction in point of sale or retail. This happens as the channel …
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St. Paul, MN-based 3M reported 2008 sales of $25.3 billion, up 3.3% from a year ago. Profit for 2008 was $3.5 billion, down 14.6%.
Fourth-quarter sales were $5.5 billion, a decrease of 11.2% from the same period a year ago. Profit was $536 million, a decrease of 37%.
3M drove record sales in 2008 despite a dramatic fourth-quarter economic downturn, said George W. Buckley, 3M president and CEO, “We are responding to lower demand with aggressive cost management and operational discipline. We streamlined our operations throughout 2008 and we will continue to optimize to protect against the downside throughout 2009. In addition, we plan to reduce capital expenditures by about 30 percent and aggressively attack working capital in order to …
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Like so many other companies in the current economy, 3M is finding itself in a position of making difficult decisions in order to survive. Over the past week, the company has announced that it would be laying off 2,300 workers before the end of the fourth quarter. Pay increases have already been deferred for many, and temporary workers and overtime have been eliminated. CEO George Buckley told analysts in a recent 2009 earnings outlook presentation that more cuts will be made if necessary.
But, according to Buckley, survival isn’t enough. The changes being made at the company are all being made with the perspective that they will strengthen the company for when the economy returns to more sane”conditions. “This is the time for prudence, but it’s not the time for …
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For executives at 3M, St. Paul, MN, coming out of the current recession as a healthy company requires more than the usual cost cutting measures; it also means changing the mentality with which one views the recession. That was the message presented by George W. Buckley, president and CEO, and Patrick Campbell, senior vice president and CFO, during a recent conference call to present earnings guidance for 2009.
When there’s a 2 percent turndown, there’s 98 percent of the market left,”Buckley said.
In keeping with this idea, Buckley and Campbell emphasized that 3M intends to maintain its research and development budget even while cuts are being made in other parts of the company. 3M recently announced layoffs of 1,800 people and plans to cut an additional 500 …
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3M, St. Paul, MN, has agreed to buy Italian manufacturer Grafoplast S.p.A., which produces wire identification systems for the wire and cable market.
Grafoplast’s range of electrical permanent marking products complements 3M’s existing range of tape marking system products and will help us to better serve the wire and cable markets,”said Paul D. Steece, vice president and general manager, 3M Electrical Markets Division.
The 3M Electrical Markets Division designs, manufactures and markets products for electrical construction, industrial maintenance, utility and industrial power businesses, and electrical/electronic devices produced by original equipment manufacturers. Products include electrical and electronic specialty insulating tapes; power cable splices and …
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3M, St. Paul, MN, and Illinois Tool Works Inc., Glenview, IL, reached a mutual settlement concerning issues in patent infringement litigation brought by 3M in June 2006 in the U.S. District Court for the District of Minnesota. The case involved 3M’s patent covering its paint preparation system products.
Under the terms of the agreement, ITW acknowledged the validity and enforceability of 3M’s patent rights and has taken a license under 3M patents. In addition, the parties have entered into a supply agreement under which 3M will supply a portion of ITW’s DeKups system. Other specifics of the agreement are confidential. …
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