3M - Download Now DOC by wulinqing

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									                                                        3M

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  1. Company general info
  Loath to be stuck on one thing, 3M Company makes everything from masking tape to asthma inhalers.
  3M has six operating segments: display and graphics (specialty film, traffic control materials); health care
  (dental and medical supplies and health IT); safety, security, and protection (commercial care,
  occupational health and safety products); electro and communications (connecting, splicing, and
  insulating products); transportation and industrial (specialty materials, tapes, and adhesives); and
  consumer and office. Well-known brands include Scotchgard fabric protectors, Post-it Notes, Scotch-
  Brite scouring products, and Scotch tapes. Sales outside the US account for nearly two-thirds of 3M's
  revenues.
  With more than 55,000 products, 30-plus core technologies and leadership in major markets served
  worldwide, 3M continues to develop ingenious solutions to meet your varying needs.
  Companies in 60 countries. Plant locations: 139 worldwide. Sales office locations: 188 worldwide.

  Our Values
   Provide investors an attractive return through sustained, quality growth.
   Satisfy customers with superior quality, value and service.
   Respect our social and physical environment.
   Be a company employees are proud to be part of.


  Financials and facts
  Company Type                   Public (NYSE: MMM)
  Fiscal Year-End                December
  2005 Sales (mil.)              $21,167.0
  1-Year Sales Growth            5.8%
  2005 Net Income (mil.)         $3,199.0
  1-Year Net Income Growth       7.0%
  2005 Employees                 69,315
  1-Year Employee Growth         3.3%

  Key people
  Chairman, President, and CEO                          George W. Buckley
  CTO and EVP, Research and Development                 Frederick J. Palensky
  EVP, International Operations                         Inge G. Thulin


  2. Bands/Products/Services

  The 3M brand is recognized and trusted around the globe. Household names like Nexcare™, Post-it®,
  Scotch®, Scotch-Brite®, and Scotchgard™ are also market leaders. Other brands: Aldara™ , Littmann™,
  O-Cel-O™ , Scientific Anglers™, Scotchlite™, Thinsulate™, Vikuiti™

  Displays and Graphics                 Safety, Security, and               Office
 Display Films (Vikuiti™)              Protection                          Ergonomics & Workstation
 Large Format Graphics                 Emergency Exit Markings             Accessories
  (Scotchprint™)                        Facilities Cleaning & Care         Home Office
   Precision Optics                    File Tracking (RFID)                   Meetings & Presentations
   Touch Screen Systems                Fire Protection                        Mounting, Adhesives, & Tapes
   Traffic Safety Systems              Food Supplies & Services               Packaging & Mailing
   Wall Displays & Projectors          Information & Materials Security       Post-it® Custom Printed Products
    Electronics, Electrical &           Occupational Health &                  Post-it® Products
    Communications                       Environmental Safety …etc              Home and Leisure
    Communication Technologies         Transportation Industry                 Air Cleaning Filters (Filtrete™)
    Electrical                         Aerospace                              Automobile & Boat Care
    Electronics Design &               Automotive                             Cleaning & Protecting
     Manufacturing                      Fuel Cell Components                   Computer Accessories
    Health Care                         Marine                                 First Aid (Nexcare™)
     Animal Care                       Specialty Vehicle                      Fly Fishing (Scientific Anglers™)
     Dental (3M ESPE)                  Traffic Safety Systems                 Health & Personal Care
     Drug Delivery Systems             Manufacturing & Industry                Home Improvement & Repair
     Health Information Systems         Abrasives & Sandpaper                 Home Office
     Infection Prevention               Adhesives & Bonding Solutions         Hooks & Mounting (Command™
     Medical Device & Diagnostic        Bioanalytical and Environmental        Adhesives)
     Fabrication                         Extraction (Empore™)                   Moving & Packing Solutions
     Medical Specialties & OEM          Construction & Architecture           Personal Safety & Comfort
     Microbiology                       Converter Markets (Label &            Pet Care
     Orthodontics (3M Unitek)           Diecut)                                Post-it® Products
     Personal Care Industry             Fluoropolymers (Dyneon™)              Scrapbooking & Crafts
     Pharmaceuticals                    Food & Beverage                       Sports & Outdoors
     Skin Health                        High Strength Bonding Tape            Tap
                                         (3M™ VHB™ Tapes)
     Stethoscopes (Littmann™)
                                         Industrial Tapes
                                         Maintenance & Repair …etc



    3. In the news
    OCT. 16 4:49 P.M. ET 3M Co. said Monday it acquired Brontes Technologies Inc., a
    Lexington, Mass.-based maker of digital dental technology, for $95 million in cash.

    St. Paul, Minn.-based 3M said the deal will result in fourth-quarter charges of 12 cents to 13
    cents a share, reflecting the one-time write-off of in-process research and development costs.

    "This investment reflects 3M's commitment to advanced technology and to invest in markets
    which are likely to become high-growth areas in the not too distant future," said Brad Sauer,
    executive vice president, 3M Health Care Business.

    DECEMBER 7, 2005

    3M's Latest Outside Chance

    Once again the conglomerate has looked beyond its own ranks for a CEO. First priority for ex-
    Brunswick chief George Buckley: Keeping sales pumped

    3M (MMM ) has an enviable reputation for innovation and quality, typically ranking in the Top 10 in any
    global poll. But there's one area where the industrial conglomerate falls short: developing top
    management

    Five months after its previous chairman and chief executive bolted, 3M once again had to go outside for a
    new boss, hiring George Buckley, who had been chairman and CEO of Brunswick (BC ).

    NOMAD CHIEFTAIN. Buckley, 58, took over Dec. 7 from interim CEO Robert Morrison, a 3M
    director and former PepsiCo (PEP ) vice-chairman, who had been a seat warmer while a board committee
    screened candidates to permanently succeed W. James McNerney Jr.

    In many ways, it's déjà vu all over again for 3M. McNerney, who quit last July to head Boeing (BA ), was
a job-hopper who rose in the ranks at General Electric (GE ) before coming to St. Paul (Minn.)-based 3M
in late 2000 (see BW, 4/12/04, "3M's Rising Star").

Buckley, 58, who started at British Railways, has been an on-the-move exec, too. After a series of
promotions at Emerson Electric (EMR ), he joined Brunswick in 1997. He was elevated to chairman and
CEO in 2000.

MUCH BIGGER STAGE. During his tenure, the Lake Forest (Ill.)-based Brunswick built up its
pleasure-boat business through a series of acquisitions and sold off a parcel of sporting-goods brands that
his predecessor had picked up in the 1990s. The restructuring was costly at first. Through 2004,
Brunswick's sales barely grew from 2000's $3.8 billion, while operating earnings fell by a third, to $135
million.

In the last two years, though, Brunswick has picked up speed. Earnings are forecast to hit $320 million,
on $5.9 billion in revenue, in 2005. That has lifted Brunswick's share price 31% in the last two years. It
closed at $40.36 on Dec. 7. Still, the company's turnaround isn't a complete success. Analysts have been
steadily lowering their profit estimates for 2005 and 2006 (see BW Online, 4/12/05, "Citigroup
Downgrades Brunswick").

But while Brunswick is diverse like 3M -- it also makes Life Fitness gym equipment and billiard tables --
it's barely a quarter of the size of 3M. The industrial conglomerate hit $20 billion in sales in 2004 and has
operations on every inhabited continent.

FOLLOWING A STAR. And 3M has a few issues, too. The company, whose products range from
Scotch tape and dental fillings to roadside signs and respirators, boosted its bottom line substantially
under McNerney and his Six Sigma cost-cutting program. Sales growth has been slowing, however, as
demand cools for 3M's flat-screen components and medical products (see BW, 8/1/05, "3M: Reading
Between the Lines").

"In the big picture," writes analyst C. Stephen Tusa Jr. of J.P. Morgan Securities in a note to investors,
"we think the trade versus McNerney is a net negative for 3M as Buckley is unproven in a large
multinational/multi-industry model." Indeed, 3M shares slipped 32 cents on Dec. 7, closing at $77.38.

Buckley is very different from McNerney in his public stature. McNerney became a corporate star as one
of the three finalists to take over from GE's John F. Welch Jr. in 2000. And since then, he had been on the
short list of many companies looking for a new chief. Buckley, on the other hand, is barely recognized in
metropolitan Chicago, where Brunswick ranks 38th in market capitalization.

The two also are different in their educational backgrounds. Unlike McNerney, who holds an MBA from
Harvard, Buckley is an engineer, with a PhD from the University of Southampton in the UK. At 3M, with
its emphasis on research and development, engineers have filled upper management for decades.

EXEC SHUFFLE. Though McNerney had 4½ years at 3M, he didn't groom an heir. He brought in a
CFO and general counsel from the outside, and he installed new heads at 3M's seven divisions by
shuffling personnel internally. But when he left, none of these execs was deemed capable of stepping up.
Buckley will also have to contend with that task.

And Buckley may not have much more time than McNerney. Fast approaching 59, Buckley will hit 3M's
retirement age in early 2012, if he stays on that long. Going outside for a third time would hardly be the
charm.

4. Top Competitors
Avery Dennison
Bayer
Johnson & Johnson

								
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