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Introduction
Perhaps best known for its cunningly simple invention, the Post-It Note, 3M
researches, develops and manufactures a dizzying range of products in fields
ranging from pharmaceuticals, medical equipment and hi-tech display
technologies to industrial coatings and stationery. The company employs 67,000
people in 60 countries, including 3,300 at 13 sites in the UK who are engaged in
research, manufacturing, sales and administration. The UK ICT department, based
at Bracknell, Berks, numbers just over 100, mostly recruited as graduate trainees.
3M’s global profits in 2004 were $3bn on turnover of $20bn ($12bn of this from
outside the US).
Executive Summary
The Minnesota Mining and Manufacturing Company (3M) was founded in 1902;
one of its first products was sandpaper. The famous Scotch Tape first appeared in
1930, magnetic tape in 1947 and the irreplaceable Post-It Note in 1980. Now 3M
markets 50,000 products and makes over 20% of its income from healthcare
products including wound dressings, drug delivery systems and cancer
treatments. 3M’s many other products include reflective materials used in road
signs, display enhancement films that make electronic displays brighter and fire
protection products that help prevent the spread of fire, smoke and toxic fumes.
“This variety makes our job more interesting, and being so diversified is good for
the company’s financial stability,” says Tracy Bunn, 3M’s European Computer
Services Manager. 3M is part of the Dow Jones Industrial Average and Standard &
Poor’s 500, both of which it has out-performed since 1998. Global sales grew
11.6% in 2003. 9.8% in 2004. Net income rose 21.7% and 24.4% respectively.
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