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"3M." Company Profiles for Students. Gale. 1999. HighBeam Research. 17 May. 2013 <http://www.highbeam.com>.
"3M." Company Profiles for Students. 1999. HighBeam Research. (May 17, 2013). http://www.highbeam.com/doc/1G2-3427200011.html
"3M." Company Profiles for Students. Gale. 1999. Retrieved May 17, 2013 from HighBeam Research: http://www.highbeam.com/doc/1G2-3427200011.html
also known as: minnesota mining & manufacturing co. founded: 1902
headquarters: 3m center
st. paul, mn 55144-1000 phone: (612)736-1110 fax: (612)736-2133 toll free: (800)3m-helps email: innovation@mmm.com url: http://www.mmm.com
Minnesota Mining and Manufacturing Company, or 3M as the company prefers to be known, manufactures over 50,000 products in a variety of different markets. From Scotch Tape, which recently celebrated its sixty-fifth anniversary as a home and office staple, to Post-it Notes, the 1980's product rumored to be the result of an engineering mistake, 3M products have significantly impacted how people work in the office and in the home.
Currently organized into three main sectors, 3M's corporate structure reflects the diversity of their product line. The Industrial and Consumer Sector, which includes 3M's profitable office products line, oversees the production and sale of products to the transportation, construction, and electronics industries. The Health Care Sector focuses on health care products including bandages, surgical supplies, and computer software for health care organizations. The Transportation, Safety, and Chemicals Sector develops products for the automotive industry, performance chemicals, and sign materials. The strategy for all three sectors is largely the same; the focus is on creating new products that allow 3M to compete quickly and significantly in new markets. 3M's primary goal is to decrease the amount of time it takes a product to move from the research and development phase to being available for purchase. High growth industries, such as computers and health care services, are being particularly targeted as 3M seeks to improve productivity while expanding its international presence. With operations in 63 countries and product sales in more than 200 countries, 3M is a highly diversified Fortune 500 company with a strong global presence. 3M's continued focus on new product development has been successful with 30 percent of sales in the 1990s coming from products created since 1994.
From 1995 to 1997, 3M has shown steady increases in revenue. In 1995, the company had revenues of $13.5 billion, and this increased to $14.2 billion in 1996. Revenue for 1997 was $15.1 billion. Stock prices rose as well during this time period. For fiscal year 1995, the high was 69.88; for fiscal year 1996, the high was 85.88, and fiscal year 1997's high was 105.50.
3M's 50,000 products are sold to a well diversified customer base. Sales to industrial customers total 45 percent, while sales to service related industry consumers make up an additional 45 percent of 3M's sales. Ten percent of 3M's products are sold to consumers. In 1997 international sales accounted for 52 percent of the company's revenue total.
As one of the 30 companies of the Dow Jones Industrial Average, 3M will tell any potential investor that because of their long record of innovation, the company has established itself as the market leader in many diverse product lines and has maintained consistent profit and dividend growth since 1916. Many analysts agree with 3M's assessment and consider it a safe and stable stock. For example, Value Line Investment Survey reported that 3M, as a diversified company with multiple product lines, will grow slowly and steadily, paralleling the U.S. economy. As a stock purchase, 3M appeals to conservative investors, ones who expect long-term steady growth in their portfolio rather than an immediate high return. Consistently ranked by Fortune magazine as one of the country's most admired corporations, 3M will continue to encourage heavy research and development into new technologies in order to insure the company's …
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