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3m Company

Essay by   •  November 17, 2015  •  Case Study  •  1,406 Words (6 Pages)  •  549 Views

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3M has strong R&D capabilities. The company conducts research to develop new products and improve existing products, as well as to enhance manufacturing and production methods and improve service. The company’s R&D activities generate a steady stream of inventions that are covered by new patents. The company has introduced several new products in the past one year. For instance, in February 2014, 3M Touch Systems, a wholly-owned subsidiary of the 3M Electronic Solutions division launched the 3M Multi-Touch Developer Network. This network helps 3M customers access the global network of multi-touch software applications and developers experienced in harnessing the high-performance capabilities of 3M multi-touch displays. Similarly, during January 2014, 3M Touch Systems, a wholly-owned subsidiary of the 3M Electronic Solutions division announced its latest multi-touch solutions for interactive digital signage applications. Thus, strong R&D capability enables the company to develop innovative products, which enable it to remain at the forefront of its respective businesses and differentiate its offerings in a highly competitive market. Furthermore, in December 2013, 3M Electronic Solutions division launched its new unpatterned indium tin oxide film that offers an alternative source for high-quality, high-volume touch sensor films. The film can be used in touch-enabled electronic devices, such as smart phones, tablets, notebooks and all-in-one (AIO) computers.

Growing global automotive manufacturing market can drive the demand for products. The global automotive manufacturing industry has grown strongly in recent years, both in value and volume. According to analysts, the global automotive manufacturing industry is expected to have a value of approximately $1,831.3 billion in 2016, an increase of 8.9% over 2015. Similarly, the industry volume is expected to reach approximately 154.7 million units in 2015, an increase of 8.1% over 2014. According to Yahoo Finance, the company's earnings per share will increase from $7.63 to $8.44 by the end of the 2016.

BUSINESS DESCRIPTION

3M is a diversified global manufacturer and marketer of a wide range of products. The company operates in various locations, including the US, Europe, Middle East, Africa and Asia Pacific. 3M operates 88 manufacturing facilities in 30 states in the US. The company operates 127 manufacturing and converting facilities in 38 countries outside the US. The company operates through five business segments: industrial, safety and graphics, electronics and energy, health care and consumer.

The industrial segment serves a range of industrial markets, including automotive original equipment manufacturer (OEM) and automotive aftermarket (auto body shops and retail), electronics, appliance, paper and printing, packaging, food and beverage, and construction. 3M's safety and graphics segment provides products to increase the safety, security, and productivity of workers, facilities, and systems. The company offers products, such as personal protection, traffic safety and security, commercial solutions, commercial graphics sheeting and systems, architectural surface and lighting solutions, cleaning and protection products for commercial establishments, and roofing granules for asphalt shingles. The electronics and energy segment serves customers in electronics and energy markets, including solutions for electronic devices, telecommunications networks, electrical products, power generation and distribution, and infrastructure protection. 3M provides products for liquid crystal display (LCD) computer monitors, LCD televisions, hand-held devices such as cellular phones and tablets, notebook PCs, and automotive displays. The segment's energy solutions include electrical, telecommunications, renewable energy, and infrastructure protection products. 3M's health care segment serves various markets, including medical clinics and hospitals, pharmaceuticals, dental and orthodontic practitioners, health information systems, and food manufacturing and testing. The segment offers products, such as medical and surgical supplies, skin health and infection prevention products, health information systems, and food safety products. The consumer segment serves markets such as consumer retail, office retail, office business to business, home improvement, drug and pharmacy retail, and other markets. The major products offered by 3M include office supply products, stationery products, construction and home improvement products, home care products, protective material products, certain consumer retail personal safety products, and consumer health care products. One key to cost savings at 3M is its Six Sigma cost-cutting program,

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