3M Company

A science-based technology company

Summary

3M has operations in more than 65 countries that include 29 international companies with manufacturing operations and 35 companies with laboratories. Its products are available for purchase through distributors and retailers in more than 200 countries, and online directly from the company.

History

Five businessmen founded the Minnesota Mining and Manufacturing Company as a mining venture in Two Harbors, Minnesota, making their first sale on June 13, 1902. The goal was to mine corundum, but this failed because the mine’s mineral holdings were anorthosite, which had no commercial value. Co-founder John Dwan solicited funds in exchange for stock and Edgar Ober and Lucius Ordway took over the company in 1905. The company moved to Duluth and began researching and producing sandpaper products. William L. McKnight, later a key executive, joined the company in 1907, and A. G. Bush joined in 1909. 3M finally became financially stable in 1916 and was able to pay dividends. In the late 1950s, 3M produced the first asthma inhaler, but the company did not enter the pharmaceutical industry per se until the mid-1960s with the acquisition of Riker Laboratories, moving it from California to Minnesota. 3M retained the name Riker Laboratories for the subsidiary until at least 1985. As of 2012, 3M was one of the 30 companies included in the Dow Jones Industrial Average, added on August 9, 1976, and was 97 on the 2011 Fortune 500 list.

On January 3, 2012, it was announced that the Office and Consumer Products Division of Avery Dennison was being bought by 3M for $550 million. The transaction was canceled by 3M in September 2012 amid antitrust concerns.

In May 2013, 3M announced that it was selling Scientific Anglers and Ross Reels to Orvis. Ross Reels had been acquired by 3M in 2010.

In March 2017, it was announced that 3M was purchasing Johnson Control International Plc’s safety gear business, Scott Safety, for $2 billion.

In 2017, 3M had net sales for the year of $31.657 billion, up from $30.109 billion the year before. In 2018, it was reported that the company would pay $850 million to end the Minnesota water pollution case concerning perfluorochemicals.

On May 25, 2018, Michael F. Roman was appointed CEO by the board of directors.[47] There are a few international subsidiaries such as 3M India, 3M Japan, & 3M Canada. On December 19, 2018, 3M announced it had entered into a definitive agreement to acquire the technology business of M*Modal, for a total enterprise value of $1.0 billion.

In October 2019, 3M completed the purchase of Acelity and its KCI subsidiaries worldwide for $6.7 billion, including assumption of debt and other adjustments.

Vision

Vision Statement:
“3M products enhancing every home. 3M innovation improving every life.”

Mission

Mission Statement:
“3M is committed to actively contributing to sustainable development through environmental protection, social responsibility and economic progress.”

Team

CEO – Mark Roman: Mike Roman is the chairman of the board and chief executive officer of 3M, a $32 billion science-based company. He leads over 90,000 employees who collaborate to solve problems and improve lives in nearly all countries. The company applies its technology platforms to create differentiated solutions for customers that it brings to market through four business groups: Safety & Industrial, Transportation & Electronics, Health Care, and Consumer.

References

https://www.3m.com/3M/en_US/company-us/about-3m/ceo/

https://en.wikipedia.org/wiki/3M

https://multimedia.3m.com/mws/media/1393026O/2017-sustainability-report-who-we-are-section.pdf

https://www.crunchbase.com/organization/3m

https://www.facebook.com/3M

https://www.comparably.com/companies/3m/mission