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Latest In 3M
3M is set to spin off its Scott Safety subsidiary as it partners with Bain to buy Madison Fire & Rescue to combine those two entities into a new business to serve firefighters, first responders and industrial workers.
That business comprises less than 1% of 3M's total revenue. Meanwhile, the company posted solid 3Q organic growth in its Safety & Industrial unit.
3M reported 2Q results with organic sales growth across all business units and improved margins, despite a slight decline in net profit.
While total sales growth decelerated for 3M's Safety & Industrial segment, they ticked up sequentially in organic growth.
The company reported modest overall 4Q sales and profit growth that outpaced a decline in full-year sales.
3M reported a 1.0% year-over-year increase in organic growth.
The company's Safety & Industrial business unit saw a reversal from 1Q's organic decline.
The company's largest segment saw organic sales fall 1.5% in the Americas, though operating profit saw a healthy improvement.
See our full breakdown of 3M's 4Q numbers, which showed that roofing granules were the only industrial category to see decent growth.
It’s the third time in 4 years that 3M has garnered the honor.
Combi is a manufacturer and distributor of end-of-line packaging machiney and spare parts.
3Q Industrial & Safety sales fell nearly 5% year-over-year amid mixed end-market demand and distributors right-sizing inventory levels.
The news follows 3M's failed attempt to move the biggest mass tort lawsuit in U.S. history into bankruptcy court to limit its liability.
The SEC found that employees of a 3M subsidiary arranged for Chinese government officials to attend overseas events as a pretext to purchasing product.
The company reduced its total global workforce by 10% this year as 'demand for consumer electronics waned,' Reuters reported.
3M will pay up to settle a lawsuit claiming the chemicals in the firefighting foam provided to them contaminated drinking water.
3M will make facility and equipment improvements to expand its biotech manufacturing capabilities, and add 60 employees in Europe.
The PPE supplies and adhesives maker experienced slower-than-expected fourth-quarter growth in consumer-facing markets.
PFAS have become a liability and could cost the company $30 billion, according to a report.
