3M

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3M Company
Type Public
Traded as NYSEMMM
Dow Jones Industrial Average Component
S&P 500 Component
Industry Conglomerate
Founded Two Harbors, Minnesota,
United States (1902 (1902))
Founders Dr. Danley Budd
Henry Bryan
Hermon Cable
John Dwan
William McGonagle
Headquarters Maplewood, Minnesota, U.S.
Area served Worldwide
Key people Inge G. Thulin
(President & CEO)[1]
Products List of 3M Company products
Revenue
  • Increase US$ 30.871 billion (2013)[2]
  • Increase US$ 29.904 billion (2012)[2]
Operating income
  • Increase US$ 6.666 billion (2013)[2]
  • Increase US$ 6.483 billion (2012)[2]
Net income
  • Increase US$ 4.659 billion (2013)[2]
  • Increase US$ 4.444 billion (2012)[2]
Total assets
  • Decrease US$ 33.55 billion (2013)[2]
  • Increase US$ 33.876 billion (2012)[2]
Total equity
  • Decrease US$ 17.948 billion (2013)[2]
  • Increase US$ 18.04 billion (2012)[2]
Employees 88,000 (August 2013)[3]
Website 3M.com

The 3M Company, formerly known as the Minnesota Mining and Manufacturing Company, is an American multinational conglomerate corporation based in St. Paul, Minnesota. 3M headquarters are in the St. Paul suburb of Maplewood, Minnesota.[4]

With $30 billion in sales, 3M employs 88,000 people worldwide and produces more than 55,000 products, including: adhesives, abrasives, laminates, passive fire protection, dental and orthodontic products, electronic materials, medical products, car-care products (sun films, polish, wax, car shampoo, treatment for the exterior, interior and the under chassis rust protection),[5] electronic circuits, and optical films.[6] 3M has operations in more than 65 countries including 29 international companies with manufacturing operations and 35 companies with laboratories. 3M products are available for purchase through distributors and retailers in more than 200 countries, and online directly from the company.

History[edit]

Five businessmen founded 3M in Two Harbors, Minnesota, in 1902.[7] Originally a mining venture, the goal was to mine corundum, but this failed because the mine's mineral holdings were anorthosite, which had no commercial value.[7] Co-founder John Dwan solicited funds in exchange for stock and Edgar Ober and Lucius Ordway took over the company in 1905.[7] The company moved to Duluth and began research and producing sandpaper products.[7] William L. McKnight, later a key executive, joined the company in 1907, and A. G. Bush joined in 1909.[7] 3M finally became financially stable in 1916 and was able to pay dividends.[7]

The company moved to St. Paul, where it remained for 52 years before outgrowing the campus and moving to its current headquarters at 3M Centre in Maplewood, Minnesota. The new Maplewood campus is 475 acres (1.92 km2) and has over 50 buildings, including an Innovation Center that displays products 3M has taken to market.

The company began by mining stone from quarries for use in grinding wheels. Struggling with quality and marketing of its products, management supported its workers to innovate and develop new products, which became its core business.[8] Twelve years after its inception, 3M developed its first exclusive product: Three-M-ite cloth. Other innovations in this era included masking tape, waterproof sandpaper, and Scotch brand tapes. By 1929, 3M had made its first moves toward international expansion by forming Durex to conduct business in Europe. The same year, the company’s stock was first traded over the counter and in 1946 listed on the New York Stock Exchange (NYSE). The company is currently a component of the Dow Jones Industrial Average and of the S&P 500.

Founding[edit]

The building in which the company was founded is now a museum

The founders original plan was to sell the mineral corundum to manufacturers in the East for making grinding wheels. After selling one load, on June 13, 1902, the five went to the Two Harbors office of company secretary John Dwan, which was on the shore of Lake Superior and is now part of the 3M National Museum, and signed papers making Minnesota Mining and Manufacturing a corporation. In reality, however, Dwan and his associates were not selling what they thought; they were really selling the worthless mineral anorthosite.[9]

Failing to make sandpaper with the anorthosite, the founders decided to import minerals like Spanish garnet, after which sale of sandpapers grew. In 1914, customers complained that the garnet was falling off the paper. The founders discovered that the stones had traveled across the Atlantic Ocean packed near olive oil, and the oil had penetrated the stones. Unable to take the loss of selling expensive inventory, they roasted the stones over fire to remove the olive oil; this was the first instance of research and development at 3M.

Expansion[edit]

The company's late innovations include waterproof sandpaper (1921) and masking tape (1925), as well as cellophane "Scotch Tape" and sound-deadening materials for cars.

During the 1950s, the company expanded worldwide with operations in Canada, Mexico, France, Germany, Australia, and the United Kingdom in large part by Clarence Sampair. In 1951, international sales were approximately $20 million. 3M’s achievements were recognized by the American Institute of Management naming the company “one of the five best-managed companies in the United States" and included it among the top 12 growth stocks (3M).[10]

In the late 1960s and early 1970s, 3M published a line of board games, largely under the "3M bookshelf game series" brand. These games were marketed to adults and sold through department stores, with easily learned simple rules but complex game play and depth and with uniformly high-quality components. As such, they are the ancestors of the German "Eurogames". The games covered a variety of topics, from business and sports simulations to word and abstract strategy games. They were a major publisher at the time for influential U.S. designers Sid Sackson and Alex Randolph. In the mid-1970s, the game line was taken over by Avalon Hill.

3M traffic signals installed in Shelton, Washington. Standing off-axis from the intended viewing area, these signals are invisible to adjacent lanes of traffic in daylight. (A faint glow is visible at night)
The same two signals above, taken in the signal's intended viewing area (a single lane of northbound traffic). Special light-diffusing optics and a colored fresnel lens create the indication.

3M's Mincom division introduced several models of magnetic tape recorders for instrumentation use and for studio sound recording. An example of the latter is the model M79 recorder, which still has a following today. 3M Mincom was also involved in designing and manufacturing video production equipment for the television and video post-production industries in the 1970s and 1980s, with such items as character generators and several different models of video switchers, from models of audio and video routers to video mixers for studio production work.

3M Mincom was involved in some of the first digital audio recordings of the late 1970s to see commercial release when a prototype machine was brought to the Sound 80 studios in Minneapolis. After drawing on the experience of that prototype recorder, 3M later introduced in 1979 a commercially available digital audio recording system called the "3M Digital Audio Mastering System",[11] which consisted of a 32-track digital audio tape recorder and a companion 4-track digital recorder for final mastering. 3M later designed and manufactured several other commercially available models of digital audio recorders used throughout the early to mid-1980s.

In 1980, the company introduced Post-it notes. In 1996, the company's data storage and imaging divisions were spun off as the Imation Corporation. Imation has since sold its imaging and photographic film businesses to concentrate on storage.

Today, 3M is one of the 30 companies included in the Dow Jones Industrial Average (added on August 9, 1976), and is 97 on the 2011 Fortune 500 list.[12] The company has 132 plants and over 67,000 employees worldwide, with sales offices in over 200 countries. The vast majority of the company's employees are local nationals, with few employees residing outside their home country. Its worldwide sales are over $20 billion, with international sales 58% of that total.

In 2002, 3M Co. agreed to acquire AiT Advanced Information Technologies Corp. for about $37.4-million in cash, after AiT had strongly hinted it had put itself on the auction block.

On December 20, 2005, 3M announced a major partnership with Roush-Fenway Racing, one of NASCAR's premier organizations. In 2008, the company will sponsor Greg Biffle in the NASCAR Sprint Cup Series as he drives the No. 16 Ford Fusion. In addition, on February 19, 2006, 3M announced that it would become the title sponsor of the 3M Performance 400 at Michigan International Speedway for at least the next three years.

On April 4, 2006, 3M announced its intention to sell its pharmaceutical non-core business. The pharmaceuticals businesses were sold off in three deals, in Europe, the Americas, and the remainder of the world. Another division of the Health Care business, Drug Delivery Systems, remains with 3M. The Drug Delivery System division continues to contract manufacture inhalants and transdermal drug-delivery systems, and has now taken on manufacture of the products whose licenses were sold during the divestiture of the pharmaceuticals business.[13] On September 8, 2008, 3M announced an agreement to acquire Meguiar's, a car-care products company that was family-owned for over a century.[14]

On August 30, 2010, 3M announced that they had acquired Cogent Systems for $943 million.[15]

On October 13, 2010, 3M completed acquisition of Arizant Inc.[16] In December 2011, 3M completed the acquisition of the Winterthur Technology Group, a bonded abrasives company.

3M follows a business model based on "the ability to not only develop unique products, but also to manufacture them efficiently and consistently around the world (3M)".[17]

On January 3, 2012, it was announced that the Office and Consumer Products Division of Avery Dennison was being bought by 3M for $550 million.[18] The transaction was canceled by 3M in September 2012 amid antitrust concerns.[19]

Environmental record[edit]

The Target Light System, built by 3M at Target headquarters in Minneapolis.[20]

In 1999 the U.S. Environmental Protection Agency (EPA) began investigating perfluorinated chemicals (PFCs) after receiving data on the global distribution and toxicity of PFOS.[21] 3M, the former primary producer of PFOS from the U.S., announced the phase-out of PFOS, PFOA, and PFOS-related product production in May 2000.[22] PFCs produced by 3M were used in non-stick cookware and stain-resistant fabrics.[23] The Cottage Grove facility manufactured PFCs from the 1940s to 2002.[24] In response to PFC contamination of the Mississippi River and surrounding area, 3M states the area will be "cleaned through a combination of groundwater pump-out wells and soil sediment excavation".[23] The restoration plan is to be based on an analysis of the company property and surrounding lands.[25] The on-site water treatment facility that handles the plant's post-production water is not capable of removing the PFCs, which were released into the nearby Mississippi River.[24] The clean-up cost estimate is $50 to $56 million, which will be funded from a $147 million environmental reserve set aside in 2006.[26] The search area for PFCs in the Mississippi River now extends to five states, spanning approximately half of the river's total distance.[27] Perfluorochemicals do not break down or degrade in the environment.[23]

In 1983, the Oakdale Dump in Oakdale, Minnesota, was listed as an EPA Superfund site after significant groundwater and soil contamination by VOCs and heavy metals was uncovered. The Oakdale Dump was a 3M dumping site utilized through the 1940s and 1950s.

In 2002, 3M ranked 70th on the Political Economy Research Institute's (PERI) list of the top 100 corporations emitting airborne pollutants in the U.S.[28] In March 2010, PERI ranked 3M at 98th place on the list.[29]

In 2008, 3M created the Renewable Energy Division within 3M’s Industrial and Transportation Business to focus on Energy Generation and Energy Management.[30][31]

In late 2010, the state of Minnesota sued 3M claiming they released PFCs, a very toxic chemical according to the EPA but unknown at the time of release, into local waterways.[32]

In 2013, 3M's use of the Sustainable Forestry Initiative label was called into question by the conservation group ForestEthics.[33] On October 7, 2013, two activists deployed a 1,600 square-foot banner over the Washington Avenue Bridge in Minneapolis, Minnesota, demanding that 3M drop the SFI label and commit to sustainable forestry practices.[34]

Operating facilities[edit]

3M facility in St. Paul, Minnesota

3M’s general offices, corporate research laboratories, and certain division laboratories are located in Maplewood, Minnesota. In the United States, 3M has nine sales offices in eight states and operates 74 manufacturing facilities in 27 states. Internationally, 3M has 148 sales offices. The Company operates 93 manufacturing and converting facilities in 32 countries outside the United States.[35]

3M owns substantially all of its physical properties. Because 3M is a global enterprise characterized by substantial intersegment cooperation, properties are often used by multiple business segments[36] including Integrity Supply.

Selected factory detail information:

Products[edit]

Corporate governance[edit]

Current officers[edit]

  • Inge G. Thulin – Chairman, President and Chief Executive Officer
  • Nicholas C. Gangestad – Senior Vice President and Chief Financial Officer
  • Marlene M. McGrath – Senior Vice President, Human Resources
  • Joaquin Delgado – Executive Vice President, Health Care Business Group
  • Michael A. Kelly – Executive Vice President, Electronics and Energy Business Group
  • Frank R. Little – Executive Vice President, Safety and Graphics Business Group
  • Julie Bushman - Senior Vice President, Business Transformation and Information Technology
  • Michael G. Vale – Executive Vice President, Consumer Business Group
  • Brad T. Sauer – Executive Vice President, Industrial Business Group
  • Jesse G. Singh – Senior Vice President, Marketing, Sales and Communications
  • Dr. Ashish K. Khandpur – Executive Vice President, Research and Development and Chief Technology Officer
  • Chris Holmes – Senior Vice President, Supply Chain
  • Ivan K. Fong – Senior Vice President, Legal Affairs and General Counsel
  • H.C. (Hak Cheol) Shin – Executive Vice President, International Operations
  • Michael F. Roman – Senior Vice President, Business Development

Sources:[43][44]

Presidents[edit]

1902–1905 Henry S. Bryan
1905–1906 Edgar B. Ober
1906–1909 Lucius P. Ordway
1909–1929 Edgar B. Ober
1929–1949 William L. McKnight
1949–1953 Richard P. Carlton
1953–1963 Herbert P. Buetow
1963–1970 Bert S. Cross
1970–1974 Harry Heltzer
1974–1979 Ray Herzog
1979–1980 Lewis Lehr
1979–1986 John Pitblado (U.S. Operations)
1979–1987 James A. Thwaits (International)
1986–1991 Allen F. Jacobson
1991–2001 L.D. DeSimone
2001–2005 W. James McNerney, Jr.
2005–2012 George W. Buckley
2012–present Inge G. Thulin

Chief executive officers[edit]

1966–1970 Bert S. Cross
1970–1974 Harry Heltzer
1974–1979 Raymond H. Herzog
1979–1986 Lewis W. Lehr
1986–1991 Allen F. Jacobson
1991–2001 L. D. DeSimone
2001–2005 W. James McNerney, Jr.
2005 Robert S. Morrison (interim)
2005–2012 George W. Buckley
2012–present Inge G. Thulin

Chairman of the board[edit]

1949–1966 William L. McKnight
1966–1970 Bert S. Cross
1970–1975 Harry Heltzer
1975–1980 Raymond H. Herzog
1980–1986 Lewis W. Lehr
1986–1991 Allen F. Jacobson
1991–2001 L. D. DeSimone
2001–2005 W. James McNerney, Jr.
2005–2012 George W. Buckley
2012–present Inge G. Thulin

See also[edit]

References[edit]

  1. ^ "3M's new leader comes from within". StarTribune.com. February 8, 2012. Retrieved March 29, 2012. 
  2. ^ a b c d e f g h i j "3M CO 2013 Annual Report Form (8-K)" (XBRL). United States Securities and Exchange Commission. May 15, 2014. 
  3. ^ "3M 2011 Annual Report, Form 10-K, Filing Date Feb 16, 2012". secdatabase.com. Retrieved June 8, 2012. 
  4. ^ "3M CENTER, BLDG. maplewood 55144 - Google Maps". Maps.google.com. Retrieved 2013-07-14. 
  5. ^ "3M U.S.: Health Care". Solutions.3m.com. Retrieved March 29, 2012. 
  6. ^ "Who We Are - 3M US Company Information". Solutions.3m.com. Retrieved 2013-07-14. 
  7. ^ a b c d e f "3M." Company Profiles for Students. Gale. 1999. Retrieved October 4, 2012, from HighBeam Research
  8. ^ A Century of Innovation. 3M Company. 2002. 
  9. ^ "MPR: 3M at 100 – on the right path for growth?". News.minnesota.publicradio.org. Retrieved March 29, 2012. 
  10. ^ solutions.3m.com "1950 Achievements". 3M.com. Retrieved July 28, 2010. 
  11. ^ "1978 3M Digital Audio Mastering System-Mix Inducts 3M Mastering System Into 2007 TECnology Hall of Fame". Mixonline.com. September 1, 2007. Retrieved March 29, 2012. 
  12. ^ "Fortune 500 2011: Fortune 1,000 Companies 1–100". Fortune Magazine. Retrieved January 9, 2012. 
  13. ^ "3M to Explore Strategic Alternatives for its Branded Pharmaceuticals Business" (Press release). 3M. April 4, 2006. Retrieved April 24, 2006. 
  14. ^ "3M to Acquire Meguiar's, Inc". Meguiar's Online. September 8, 2008. Retrieved March 29, 2012. 
  15. ^ Sayer, Peter (30 August 2010). "3M Offers $943M for Biometric Security Vendor Cogent Systems". PC World. Retrieved 16 February 2013. 
  16. ^ "3M Completes Acquisition of Arizant Inc.". Yahoo. Retrieved October 15, 2010. 
  17. ^ solutions.3m.com[dead link]
  18. ^ "3M buys office supply unit of Avery Dennison for $550M | Minnesota Public Radio News". Minnesota.publicradio.org. January 3, 2012. Retrieved March 29, 2012. 
  19. ^ Robinson, Will (Septermbewr 5, 2012). "3M Drops Avery Dennison Unit Buyout Amid Antitrust Worry". Bloomberg News. Retrieved 14 April 2014.  Check date values in: |date= (help)
  20. ^ "Target Lights Create Evolving Minneapolis Landmark", Minneapolis/St. Paul Business Journal , April 11, 2003.
  21. ^ Aziz Ullah. "The Fluorochemical Dilemma: What the PFOS/PFOA Fuss Is All About" Cleaning & Restoration. www.ascr.org, (October 2006). Accessed October 25, 2008.
  22. ^ 3M: "PFOS-PFOA Information: What is 3M Doing?" Accessed October 25, 2008.
  23. ^ a b c Cleaning Up River Site May Cost 3M $18 Million[dead link]
  24. ^ a b "Perfluorochemicals and the 3M Cottage Grove Facility: Minnesota Dept. Of Health". Health.state.mn.us. December 15, 2011. Retrieved March 29, 2012. 
  25. ^ "Health Consultation: 3M Chemolite: Perfluorochemicals Releases at the 3M – Cottage Grove Facility Minnesota Department of Health, Jan. 2005" (PDF). Retrieved March 29, 2012. 
  26. ^ 3M submits plans to Minnesota for cleaning up PFCs in the east metro[dead link]
  27. ^ "MPR: Search for PFC Contamination in Mississippi River Expands". Minnesota.publicradio.org. April 23, 2008. Retrieved March 29, 2012. 
  28. ^ "Toxic 100 Table". Political Economy Research Institute (PERI). Retrieved March 29, 2012. 
  29. ^ Toxic 100 Index
  30. ^ "3M U.S.: Sustainability at 3M". Solutions.3m.com. Retrieved March 29, 2012. 
  31. ^ "3M Forms Renewable Energy Division | Renewable Energy News Article". Renewableenergyworld.com. Retrieved March 29, 2012. 
  32. ^ "Minnesota sues 3M over pollution claims". Reuters. December 30, 2010. 
  33. ^ ForestEthics. "Official Complaint to the Federal Trade Commission". Washington Forest Law Center.  Check date values in: |archivedate= (help)
  34. ^ "Protesters hang giant 'Post-it Note' off Mpls. bridge". Kare 11 News. 
  35. ^ "3M Company SEC Form 10K – Annual Report – filed February 15, 2008". Yahoo.brand.edgar-online.com. Retrieved March 29, 2012. 
  36. ^ [1][dead link]
  37. ^ "3M US : Cynthiana, Kentucky Plant : Home". Retrieved September 21, 2014. 
  38. ^ Johnson, Deborah (July 16, 2008). "thenorthernecho.co.uk". thenorthernecho.co.uk. Retrieved March 29, 2012. 
  39. ^ "Latest Technology Improves Production". The Northern Echo. June 17, 2008. Retrieved March 29, 2012. 
  40. ^ By Roberto Baldwin (April 27, 2012). "3M Cloud Library Lends Not Only E-Books, But Also E-Reader Hardware". Wired. Retrieved 30 September 2012. 
  41. ^ Andrew Websteron (April 25, 2012). "3M cloud library system debuts in Minnesota today". Retrieved 30 September 2012. 
  42. ^ "3M PoW! 3.0 Products on Web: Error". Retrieved September 21, 2014. 
  43. ^ "3M Worldwide - Investor Relations - CEO and Corporate Officers". Retrieved September 21, 2014. 
  44. ^ "3M Appoints Dr. Ashish K. Khandpur, Senior Vice President, Research and Development and Chief Technology Officer". Retrieved September 21, 2014. 

External links[edit]