How they make money
3M is a diversified technology company that generates revenue through its four business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. They target a wide range of markets including industrial, automotive, healthcare, and consumer goods. Top solutions include 3M™ Cubitron™ II abrasives, Scotch-Brite™ cleaning supplies, 3M™ Tegaderm™ wound dressings, and Post-it® products. The company leverages its expertise in product development, manufacturing, and marketing to maintain a competitive edge. 3M's products are distributed through various channels including direct sales, e-commerce, and traditional wholesalers.
Strategic priorities
Health Care Business Spin-Off3M is focused on spinning off its Health Care business as a separate public company by the first half of 2024. This move aims to create two world-class public companies well-positioned to pursue their respective growth plans and create long-term value for shareholders.
Sustainability and Innovation
3M is driving sustainability and innovation through initiatives that reduce carbon emissions and emphasize expertise in science and innovation. The company is also focusing on solutions for the future of work.
Litigation and PFAS Exit
3M is addressing significant litigation costs and plans to exit the manufacturing of PFAS products by the end of 2025. This includes managing settlements and restructuring to mitigate financial impacts and align with sustainability goals.
Sustainability and Innovation
3M is driving sustainability and innovation through initiatives that reduce carbon emissions and emphasize expertise in science and innovation. The company is also focusing on solutions for the future of work.
Litigation and PFAS Exit
3M is addressing significant litigation costs and plans to exit the manufacturing of PFAS products by the end of 2025. This includes managing settlements and restructuring to mitigate financial impacts and align with sustainability goals.
Business challenges
Global Economic and Geopolitical Risks3M's operations are significantly impacted by global economic, political, and geopolitical conditions, including trade tensions, military conflicts, and regulatory changes, which can disrupt supply chains and affect demand for its products.
Sustainability and Climate Challenges
3M is actively addressing climate challenges through initiatives like their global docu-series, Green Works, which showcases efforts to tackle climate change through innovative green jobs.
PFAS-Related Liabilities
3M faces substantial liabilities and regulatory scrutiny related to its production and use of PFAS chemicals, which could result in significant legal costs, fines, and remediation expenses.
Sustainability and Climate Challenges
3M is actively addressing climate challenges through initiatives like their global docu-series, Green Works, which showcases efforts to tackle climate change through innovative green jobs.
PFAS-Related Liabilities
3M faces substantial liabilities and regulatory scrutiny related to its production and use of PFAS chemicals, which could result in significant legal costs, fines, and remediation expenses.
Competive landscape
3M Company operates in a highly competitive landscape within the diversified technology sector. The company is known for its extensive range of products, including industrial abrasives, adhesives, and personal safety products. 3M's competitive advantage lies in its strong R&D capabilities and innovation-driven approach. However, it faces significant competition from companies like Owens Corning, Avery Dennison, and Corning, which also offer specialized products in similar markets. To maintain its market position, 3M focuses on continuous innovation, sustainability initiatives, and expanding its global footprint.
Headcount insights
- Focus on business development and education: The 'Business Development' and 'Education' departments have seen significant increases in job openings by 175% and 200% respectively, indicating new initiatives in these areas.
- Growth in sales and customer success: The 'Sales' and 'Customer Success and Support' departments have experienced notable increases in job openings by 89% and 60% respectively, suggesting a focus on expanding customer-facing roles.
- Engineering and marketing expansion: The 'Engineering' and 'Marketing' departments have shown increases in job openings by 41% and 36% respectively, highlighting potential growth in product development and market outreach.
- Overall headcount stability with slight decline: The overall employee count has decreased by approximately 4% over the past year, indicating a slight contraction but with targeted growth in specific strategic areas.