3M (NYSE: MMM), St. Paul, MN, reported sales of $23.1 billion in 2009, down 8.5% from last year. Profit was $3.31 billion.
| We Deliver Distribution News to Your Inbox Sign up to receive MDM Update, your free weekly distribution news update by email. Enter your email address below: |
Local-currency sales including acquisitions were down 5.6% with foreign exchange impacts reducing sales by 2.8%.
Local-currency sales grew by 3.6% in Health Care and declined by 0.5% in Consumer and Office, 2.7% in Safety, Security and Protection Services, 2.8% in Display and Graphics, 10.2% in Industrial and Transportation and 18% in Electro and Communications.
Fourth-quarter sales were $6.1 billion, up 11.1% over the year-ago period. Profit for the quarter was $935 million. Local-currency sales including acquisitions were up 6.4% and foreign exchanged added 4.8% to growth for the quarter.
By segment, for the fourth quarter: Display and Graphics up 15.7%; Safety, Security and Protection Services, up 7.9%; Consumer and Office, up 7.1%; Health Care, up 6%; Industrial and Transportation, up 4.6%; and Electro and Communications, up 1.4%.
Profits grew at double-digit rates in each of the company’s six business segments and in all geographic regions.
“By any measure, 2009 was a highly successful year for 3M and I could not be more proud of the 3M team for their undaunted effort in a challenging year,” said President and CEO George W. Buckley.
