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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.
Monish Patolawala has been with the company since 2020 and was appointed as 3M President last year.
The company's largest segment saw organic sales fall 1.5% in the Americas, though operating profit saw a healthy improvement.
Industrial manufacturing conglomerate 3MÂ appointed outsider William Brown to succeed Michael Roman as CEO in May.
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.
One staffing change is in conjunction with the planned spin-off of 3M's Health Care Business, which was announced July 2022.
3Q Industrial & Safety sales fell nearly 5% year-over-year amid mixed end-market demand and distributors right-sizing inventory levels.
Bryan C. Hanson will serve as CEO of the independent health care company when it is spun off from 3M.
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.
