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October 9, 2007

3M Outlines Growth Strategy

3M CEO George Buckley outlined to investors this week how the diversified manufacturer wants to continue to rebuild and expand its core, especially adhesives, abrasives, tapes and films.
 
Its continuing strategy, he said, is to advance its core businesses, grow through complementary acquisitions, build new business in adjacent markets and 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% over 2006 and picked up the pace of new product introductions. In addition, we have made 15 complementary acquisitions this year.”
 
3M is expected to announce soon the acquisition of California-based rival Standard Abrasives.
 
In addition, Buckley outlined plans to accelerate international growth through leveraging local and regional brands, and streamline the company’s supply chains by finding manufacturing operations closer to customers in emerging markets.

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