3M

3M (formerly known as Minnesota Mining and Manufacturing Company) is a global diversified technological company that was founded in 1902 in Northern Minnesota. The company commenced operations as a small-scale mining venture and was involved in mining corundum, a mineral that is used in the manufacture of sandpaper and grinding wheels. Over the years, 3M diversified its focus toward developing and producing scientific, technical, and innovative marketing products. As of August 2023, the company provides over 60,000 products to homes, schools, businesses, and hospitals across 70 countries. 3M generated a revenue of USD 32.7 billion in 2023. 

3M’s operations are divided into four business segments: Safety and Industrial (~34% of total revenue), Transportation and Electronics (~26%), Health Care (~25%), and Consumer (~15%). Through these segments, the company offers a range of products, including abrasives , adhesives, advanced materials , sealants and fillers , automotive parts and hardware , building materials, coatings , compounds and polishes , c leaning supplies , electrical goods, and dental and orthodontic products. In 2022, 3M declared that its Health Care business will be listed as a separate public company by the end of 2023 while retaining a 19.9% ownership.

The Americas was the company’s largest geographical market, accounting for ~56% of revenue in 2023, followed by the Asia-Pacific region (~26%) and the Europe, Middle East, and Africa (EMEA) region (~18%).

3M expects total organic sales growth of 0.25%–2.25% in 2024 (-3% in 2023), reflecting adjusted organic sales growth of flat to up 2%. The company anticipates adjusted earnings per share for 2024 to range between USD 9.35 and USD 9.75 (compared with USD -12.63 in 2023). 3M is committed to transitioning its global operations to 100% renewable electricity by 2050.