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 …
3M Sales Fall 21.3% in 1Q
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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