3M announced today that it will headquarter its Optical Systems business in North Asia, effective immediately, as part of the company’s overall strategy to accelerate growth by moving closer to customers.
“The move will improve 3M’s ability to respond to LCD panel customers more quickly in this fast-paced market and helps ensure long-term sustainable success for our enduring franchise,” said Mike Kelly, executive vice president, 3M Display and Graphics. “As the pioneer of microreplicated and multilayer brightness enhancement films, 3M is committed to protecting and building the optical film business over the long term.”
In this fast-paced industry, headquartering the business in Asia will further improve customer intimacy and response rates. 3M announced last fall that its LCD optical film business would undergo a transition to expand its product offering beyond high performance, high price films to include basic performance, competitively priced films for all segments of the LCD industry.
Long-time leader Andy Wong told employees today that he plans to retire from 3M. Throughout his distinguished 34-year career, Wong’s personal commitment and dedication culminated in the growth of one of the most successful businesses for 3M. “Andy’s remarkable leadership was instrumental in building 3M’s core optical film business and its tremendous growth over the last several years,” Kelly said.
Jim Bauman will be the new vice president and general manager for 3M Optical Systems Division. Bauman has held leadership positions for 3M in Thailand, Electro and Communications in Austin, and most recently, as vice president and general manager for the Automotive Division in St. Paul. While Bauman will manage the division from North Asia, business operations will continue to be deployed globally.
3M's optical films are used to make electronic displays, such as LCD TVs, laptops and cell phones, significantly brighter than displays without enhancement films, more energy efficient and more vibrant in real-life lighting conditions by optimizing and recycling light. By enabling vivid, lifelike pictures in environments ranging from natural daylight to a darkened room, optical films from 3M offer consumers more flexibility to use their electronic devices in a variety of locations without sacrificing picture quality.
About 3M
A recognized leader in research and development, 3M produces thousands of innovative products for dozens of diverse markets. 3M’s core strength is applying its more than 40 distinct technology platforms – often in combination – to a wide array of customer needs. With $24 billion in sales, 3M employs 75,000 people worldwide and has operations in more than 60 countries. For more information, visit www.3M.com.
3MDonna Fleming Runyon, 651-736-7646orInvestor Contacts:Matt Ginter, 651-733-8206orBruce Jermeland, 651-733-1807
