September 9, 2008
3M CEO: Core Businesses Continue to Drive Sales and Profit Growth
At a meeting in St. Paul today, 3M chairman, president and CEO George Buckley told institutional investors and investment analysts that the company's strategy to innovate and invest in 3M's core is succeeding and delivering results.
"Our core businesses are strong and getting stronger," Buckley said. "We are rejuvenating them through consistent investment in technology development, acquisitions and international expansion."
Buckley highlighted 3M ventures in markets such as solar energy, industrial air and water filtration, mining and minerals extraction, oil and gas, and food safety.
"We will capitalize on these emerging opportunities by acquiring new-to-3M technologies and businesses to complement our technology and product portfolio," he said.
A webcast replay will be available on 3M's Investor Relations home page at http://investor.3m.com shortly after the event.
This news release contains forward-looking information (within the meaning of the Private Securities Litigation Reform Act of 1995) about the company's financial results and estimates, business prospects, and products under development that involve substantial risks and uncertainties. You can identify these statements by the use of words such as "anticipate,""estimate,""expect,""project,""intend,""plan,""believe,""will," and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic conditions; (2) competitive conditions and customer preferences; (3) foreign currency exchange rates and fluctuations in those rates; (4) the timing and acceptance of new product offerings; (5) the availability and cost of purchased components, compounds, raw materials and energy (including oil and natural gas and their derivatives) due to shortages, increased demand or supply interruptions (including those caused by natural and other disasters and other events); (6) the impact of acquisitions, strategic alliances, divestitures, and other unusual events resulting from portfolio management actions and other evolving business strategies, and possible organizational restructuring; (7) generating fewer productivity improvements than estimated; and (8) legal proceedings, including significant developments that could occur in the legal and regulatory proceedings described in the company's Annual Report on Form 10-K for the year ended Dec. 31, 2007 and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2008 (the "Reports"). Changes in such assumptions or factors could produce significantly different results. A further description of these factors is located in the Reports under "Risk Factors" in Part I, Item 1A (Annual Report) and in Part II, Item 1A (Quarterly Report). The information contained in this release is as of the date indicated. The company assumes no obligation to update any forward-looking statements contained in this presentation as a result of new information or future events or developments.
A recognized leader in research and development, 3M produces thousands of innovative products for dozens of diverse markets. 3M's core strength is applying its more than 40 distinct technology platforms - often in combination - to a wide array of customer needs. With $24 billion in sales, 3M employs 79,000 people worldwide and has operations in more than 60 countries. For more information, visit www.3M.com.