At a meeting of institutional investors and investment analysts in St. Paul Tuesday, 3M chairman, president and CEO George Buckley outlined how the company is executing its four-prong growth strategy – advancing its core businesses, growing through complementary acquisitions, building new business in adjacent markets and continuing to drive strong international expansion.
“I’m heartened by the way our growth strategy is taking hold and gaining momentum,” Buckley said. “We have increased R&D investment by 11 percent over 2006 and picked up the pace of new product introductions. In addition, we have made 15 complementary acquisitions this year.”
Buckley said the primary focus remains rebuilding and expanding 3M’s core, especially what he termed 3M’s “enduring franchises” such as adhesives, abrasives, tapes and films. “Above all else, 3M is a technology company, so it’s essential that we keep investing in and creating new technology and new product platforms.”
In addition, Buckley outlined plans to accelerate international growth through leveraging local and regional brands, and streamline the company’s supply chains by locating manufacturing operations closer to customers in emerging markets.
A webcast replay will be available on 3M’s Investor Relations home page at http://investor.3m.com shortly after the event. 3M will announce its third quarter financial results on Friday, Oct. 19, 2007.
Forward-Looking Statements
This news release contains forward-looking information (within the meaning of the Private Securities Litigation Reform Act of 1995) about the company’s financial results and estimates, business prospects, and products under development that involve substantial risks and uncertainties. You can identify these statements by the use of words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “will,” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic conditions; (2) competitive conditions and customer preferences; (3) foreign currency exchange rates and fluctuations in those rates; (4) the timing and acceptance of new product offerings; (5) the availability and cost of purchased components, compounds, raw materials and energy (including oil and natural gas and their derivatives) due to shortages, increased demand or supply interruptions (including those caused by natural and other disasters and other events); (6) the impact of acquisitions, strategic alliances, divestitures, and other unusual events resulting from portfolio management actions and other evolving business strategies, and possible organizational restructuring; (7) generating less productivity improvements than estimated; and (8) legal proceedings, including significant developments that could occur in the legal and regulatory proceedings described in the company’s Annual Report on Form 10-K for the year ended Dec. 31, 2006 and the Quarterly Reports on Form 10-Q for the quarters ended March 31, 2007 and June 30, 2007 (the “Reports”). Changes in such assumptions or factors could produce significantly different results. A further description of these factors is located in the Reports under “Risk Factors” in Part I, Item 1A (Annual Report) and in Part II, Item 1A (Quarterly Reports). The information contained in this news release is as of the date indicated. The company assumes no obligation to update any forward-looking statements contained in this news release as a result of new information or future events or developments.
About 3M - A Global, Diversified Technology Company
Every day, 3M people find new ways to make amazing things happen. Wherever they are, whatever they do, the company’s customers know they can rely on 3M to help make their lives better. 3M's brands include Scotch, Post-it, Scotchgard, Thinsulate, Scotch-Brite, Filtrete, Command and Vikuiti. Serving customers around the world, the people of 3M use their expertise, technologies and global strength to lead in major markets including consumer and office; display and graphics; electronics and telecommunications; safety, security and protection services; health care; industrial and transportation. For more information, including the latest product and technology news, visit www.3M.com.
Scotch, Post-it, Scotchgard, Thinsulate, Scotch-Brite, Filtrete, Command and Vikuiti are trademarks of 3M.
3MMedia Contact:Jacqueline Berry, 651-733-3611orInvestor Contacts:Matt Ginter, 651-733-8206orBruce Jermeland, 651-733-1807
