Inwe celebrated our th anniversary--a century of innovation. In the years since our successful introduction of the world's first waterproof sandpaper, we've evolved into a diversified technology company with leading positions in a broad range of important markets. In extending our market reach, 3M's formula for success has remained Laclede Cab Company St Louis Mo same: first, identify customer needs, and second, use 3M technology to pioneer innovative solutions to meet these needs.
We've achieved consistent, profitable growth by creating innovative products, establishing strong relationships with customers and boosting operational efficiency. At the same time, we've created a culture that promotes employee pride and well-being, fosters integrity, and supports social and environmental responsibility.
The largest manufacturer in Minnesota, the th largest U. Its daunting inventory of some 50, products runs the gamut from Post-it Notes and Scotch tape to transdermal patches of nitroglycerin and a prescription cream for treating genital warts. Because of this, 3M ranks as a leader in--and in many cases a founder of--a number of important technologies, including pressure-sensitive tapes, sandpaper, protective chemicals, microflex circuits, reflective materials, and premium graphics.
Minnesota Mining and Manufacturing Company soon nicknamed 3M was formed in in Two Harbors, Minnesota, a thriving village on the shores of Lake Superior, by five entrepreneurs--a lawyer, a doctor, two railroad executives, and a butcher--in order to mine the rare mineral corundum and market it as an abrasive.
The ill-planned venture--sparked by a flurry of other forms of mining operations in northeastern Minnesota--nearly bankrupted the company, for its mineral holdings turned out to be not corundum but low-grade anorthosite, a virtually useless igneous rock. Company headquarters were moved to Duluth in In May a principal investor named Edgar B. Ober, determined to save the company, persuaded friend and fellow St. Ordway's continued backing, despite a strong desire to cut his losses early on and his decision to move the firm to St.
Paul, ensured 3M's eventual health during the boom years following World War I. A new sandpaper factory was built in St. Paul inand 3M's headquarters were shifted to that city inthe same year that the firm paid its first dividend.
Of greatest significance to both the company's foundation Prolifics Company future were the hirings in and of William L. McKnight and A. Bush, respectively. Former farmhands trained as bookkeepers, the two worked as a team for well over 50 years and developed the system that helped make 3M a success.
McKnight ran 3M between andserving as general manager from topresident from toand chairman of the board from to He created the general guidelines of diversification, avoiding price cuts, increasing sales by 10 percent a year, high employee morale, and quality control that fueled the company's growth and created its unique corporate culture.
In some ways, the sales system overshadowed the guidelines. McKnight and Bush designed an aggressive, customer-oriented brand of salesmanship. Sales representatives, instead of dealing with a company's purchasing agent, were encouraged to proceed directly to the shop where they could talk with the people who used the products. Xolo Company Which Country so doing, 3M salesmen could discover both how products could be improved Espoir Watch Company what new products might be needed.
This resulted in some of 3M's early innovations. For instance, when Henry Ford's newly motorized assembly lines created too much friction for existing sandpapers, which were designed to sand wood and static objects, a 3M salesman went back to St.
Paul with the news. Another salesman noticed that dust from sandpaper use made the shop environment extremely unhealthy. Around the same time, a Philadelphia ink manufacturer named Francis G. Okie wrote McKnight with a request for mineral grit samples.
He could have explained to Okie that 3M didn't sell bulk minerals. Skillman, to get in touch with Little Potato Company Potatoes to find out why he wanted the grit samples.
Inafter purchasing the patent and then solving various defects, 3M came out with Wetordry sandpaper and significantly expanded its business, eventually licensing two other manufacturers, Carborundum and Behr-Manning, to keep up with demand.
It also hired the inventor as its first full-time researcher. This marked the creation of one of the nation's first corporate research and development divisions. In a salesman in an auto body painting shop noticed that the process used to paint cars in two tones Xpress Transport Company poorly. He promised the painter that 3M could develop an effective way to prevent the paints from running together.
The invention of Scotch tape, as it came to be called and then trademarked, established 3M as a force for innovation in American industry.
Taking a page from its sandpaper business, 3M immediately Herbalife Company Profile Pdf to develop different applications of its new technology.
Another salesman invented a portable tape dispenser, and 3M had its first large-scale consumer product. Consumers used Scotch tape in a variety of Paul Taylor 2 Dance Company to repair torn paper products, strengthen book bindings, mend clothes until they could be sewn, and even remove lint.
By the new product was doing so well that 3M's main client base shifted from furniture and automobile factories to office supply stores. During the s, 3M funneled some 45 percent of its profits into new product research; consequently, the company tripled in size during the worst decade American business had ever endured. Nevertheless, the war left 3M with a need to restructure and modernize, and not enough cash on hand to do so. To meet its building needs, in 3M issued its first bond offerings.
Its first public stock offering, coupled with its tremendous growth rate, attracted additional attention to 3M. Among the new products debuting in the immediate postwar period was Scotch magnetic audiotape, which was introduced in Inwhen President McKnight became chairman of the board with A. Bush also moving from daily operations to the boardroomit marked the end of a tremendous era for 3M. Such growth could not be ignored. Now that 3M was publicly traded having debuted on the New York Stock Exchange ininvestment bankers took to recommending it as a buy, business magazines sent reporters to write about it, and other companies tried to figure out how 3M continued to excel.
McKnight's immediate successor as president, Richard Carlton, encapsulated the company's special path to prosperity with the phrase: "We'll make any damn thing we can make money on. Carlton kept the company focused on product research today, 3M honors its scientists through the Carlton Societywhich led to further innovations in the s: the first dry-printing photocopy process, ThermoFaxScotchgard fabric and upholstery protectorand Scotch-Brite scouring pads Yet, for all its Coral Reef Park Company Key Largo and diversity, 3M continued to produce strong profits from its established products.
As noted by John Pitblado, 3M's president of U. Your eyeglasses, wrist watches, the printed circuit that's in a TV set, knitting needles In the s 3M embarked on another growth binge, doubling in size between and and becoming a billion-dollar company in the process.
Existing product lines did well, and 3M's ventures into magnetic media provided excellent returns. One venture, the backdrops used for some of the spectacular scenes from the movie A Space Odyssey, earned an Academy Award.
During the s a number of obstacles interfered with 3M's seeming odyssey of growth. Sales growth also slowed during the decade, particularly in the oil crunch ofending 3M's phenomenal string of averaging a 15 percent growth rate. The company also had difficulties with consumer products. Particularly galling was the loss of the cassette tape market, which two Japanese companies, TDK and Maxell, dominated by engaging in price-cutting.
Eventually, the company stopped making much of its own magnetic media, instead buying from an overseas supplier and putting the 3M label on it 3M instead focused attention on data storage media for the computer market. The loss of the cassette market was not overwhelming: revenues doubled between andand in 3M was named one of the Dow Jones Industrial Unfortunately, price-cutting was not the only problem confronting 3M as it entered the s.
Major Dearborn Honeybaked Ham Company seemed to face the company on all fronts: the niches of decades past seemed extinct.
When Lewis Lehr became company president inhe noted, "There isn't a business where we don't have to come up with a new technology. He also established a goal of having 25 percent of each division's earnings come from products that did not exist five years before.
Lehr's concern was not to keep the company going, for 3M was still well-respected, with a less than 25 percent debt-to-equity ratio and reasonable levels of growth. Shareholders, too, had little to complain about, for marked the 18th consecutive year of increased dividends. Rather, Lehr wanted to ensure that 3M would continue to develop new ideas. The major product to come out of the s was the ubiquitous Post-it, a low-tech marvel created by Art Fry.
DeSimone, who joined 3M in as a manufacturing engineer and moved into management while working in international operations, was named CEO in He took the helm of a ship being buffeted by economic recession and stiff price competition: sales rose an annual average of just 2 percent from to Kevin Kelly wrote in a Business Week article, "It turned out that the creative juices that had transformed 3M into a paragon of innovation and the inventor of everything from ubiquitous yellow Post-it notes to surgical staples weren't producing new products fast enough.
Product turnaround time was slashed; product development rivaled basic research. Customer-driven products gleaned from the new system included the Never Rust Wool Soap Pad made from recycled plastic bottles and a laptop computer screen film that enhanced brightness without heavy battery drain.
A major restructuring of European operations was completed in manufacturing plants were closed and consolidated and the workforce was trimmed in response to declining operating income. The company achieved record sales, operating income, net income, and earnings 3m Company Overview share in DeSimone raised the bar: at least 30 percent of future sales were to come from products introduced within the past four years.
In3M dismantled the Information, Imaging and Electronics sector, which accounted for a fifth of its business. It was the largest restructuring effort in company history.
The divisions making floppy disks and other data-storage media, X-ray film, and specialty imaging equipment were spun off as an independent, public company Imation Corporationand the audio- and videotape operations shut down entirely. The company cut about 5, jobs. Persistent pricing pressures from competitors such as Kodak plus rising raw material costs prompted DeSimone to pull the plug on the audio and videotape business.
Following restructuring, 3M concentrated product development efforts on about two dozen core technologies. In the company achieved one of DeSimone's goals: 30 percent of total sales were generated from products introduced within the past four years.
But 3M's numbers began slipping again in Michelle Conlin wrote in an October Forbes article, "Are these unavoidable downward blips 3m Company Overview a rising curve? Or are they signs of deeper trouble? In the U. Declines in both revenues and profits in prompted further restructuring, including a workforce reduction of about 5, that was completed by the end ofthe closure of about 10 percent of its global factories, and the jettisoning of a number of underperforming product lines.
Highlighting the company's continued commitment to innovation, nearly 35 percent of revenues in came from products that had been introduced within the previous four years. For example, an important new 3M product line developed in the s consisted of films to enhance the brightness of electronic displays, including those found on laptop computers, cellular phones, LCD televisions, and personal digital assistants.
In the company began marketing these films under the Vikuiti brand.
Learn more about our company, our people, and the impact we make. Investor Overview. At 3M, we use science to improve lives and help solve the world’s toughest challenges. We remain focused on executing our plans, and continuing to deliver exceptional value for ……
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The 3M Company, formerly known as the Minnesota Mining and Manufacturing Company, is an American multinational conglomerate corporation operating in the fields of industry, worker safety, health care, and consumer goods.Headquarters: Maplewood, Minnesota, U.S.…
3M applies science and innovation to make a real impact by igniting progress and inspiring innovation in lives and communities across the globe.…
See the company profile for 3M Company (MMM) including business summary, industry/sector information, number of employees, business summary, corporate governance, key executives and their ...…
Nov 25, 2019 · 3M steadily expanded and diversified, paying its first dividend in 1916. In 1929 3M Company registered with the Minnesota Secretary of State as a foreign business corporation, marking its evolution into a multinational conglomerate corporation. For many years 3M headquarters were in St. Paul near its extensive manufacturing plants.…
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Glassdoor gives you an inside look at what it's like to work at 3M, including salaries, reviews, office photos, and more. This is the 3M company profile. All content …5/5(2.9K)…
3M operates as a diversified technology company, manufacturing more than 55,000 products, including adhesives, abrasives, laminates, passive fire protection, dental and orthodontic products, electronic materials, medical products, car-care products, electronic circuits, and optical films.Founded: 1902…