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3M (NYSE:MMM) has realigned its major business groups, with a focus on serving global markets and customers.
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The new structure will be comprised of five business groups: Consumer (2011 sales of $4.2 billion), Industrial ($9.6 billion), Health Care ($5.0 billion) and two newly formed business groups: Safety & Graphics ($5.5 billion), and Electronics & Energy ($5.7 billion).
Previously, the company operated six major business segments.
“The change is a natural outcome of our strategy to increase relevance to our customers and to broaden our presence in the markets we serve,” said Inge Thulin, 3M president and CEO. “By building scale more broadly, we create critical mass in each business group to take full advantage of innovation and commercialization opportunities.”
The company also announced new leadership roles for a number of its senior leaders.
The Industrial business group, led by Executive Vice President Brad Sauer, remains unchanged, with the exception of Renewable Energy moving to Electronics & Energy. Sauer formerly led 3M’s Health Care business.
Electronics & Energy is led by Executive Vice President Mike Kelly, former head of 3M’s Display and Graphics business. The new business group includes the following operating divisions:
Safety & Graphics is led by Executive Vice President Julie Bushman, former head of 3M’s Safety, Security and Protection Services business. The new business group includes the following operating divisions:
Health Care, led by Executive Vice President Joaquin Delgado, remains unchanged. Delgado formerly led 3M’s Electro and Communications business.
Consumer is also unchanged and will continue to be led by Executive Vice President Mike Vale.
Chris Holmes is named senior vice president, Corporate Supply Chain Operations, succeeding John Woodworth, who has announced his plans to retire. Holmes was formerly executive vice president of Industrial and Transportation business.
3M has operations in more than 65 countries and has $30 billion in annual sales.