Recovery will being in 2010, though how strong the recovery is will vary across market sectors, according to 3M President and CEO George Buckley, speaking at as investor and analyst meeting. Industrial, transportation and housing markets are expected to post weak recovery while healthcare and safety and security are forecast to remain steady.
The diversified manufacturer anticipates sales of $24.5 billion to $25.5 billion in 2010, with organic sales volumes growing 5% to 7% from 2009 levels. Investment in research and development and new product development will increase in 2010 as a means to gain market share, Buckley says.
“Innovation is 3M’s primary differentiator,” he says. “We’ll continue to invest aggressively in our core and at the same time continue to make modest acquisitions at about the same rate we’ve been making in recent years.”