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3M Sales Up 2.6% in 1Q

3M (NYSE: MMM), St. Paul, MN, reported sales for the first quarter of $7.8 billion, a 2.6 percent increase year-over-year. Organic local-currency sales increased 4.6 percent, offset 2 percent by a negative currency impact. Profit increased 6.9 percent to $1.2 billion.

“Our teams delivered positive organic growth in all business groups and geographic areas," said Inge Thulin, president and CEO. "At the same time we increased investments in R&D and commercialization to help secure future growth in the business.”

Organic local-currency sales grew 6.2 percent in health care, 4.9 percent in industrial, 4.6 percent in safety and graphics, 4.1 percent in electronics and energy and 2.6 percent in consumer.

On a geographic basis, organic local-currency sales grew 6.9 percent in Asia Pacific, 6.8 percent in Latin America/Canada, 3.7 percent in EMEA (Europe, Middle East and Africa) and 2.6 percent in the U.S.

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