2024 ASI Top 20: 3M

Founded in 1902, 3M is a multi-national conglomerate providing products in fields including worker safety, healthcare, and industrial and consumer goods. For 2023, 3M posted $32.7 billion in net sales, a decline of 4.5% year-on year.

The company operates in four business groups: Safety & Industrial, which posted $11.0 billion in sales for 2023 (34% of total sales); Consumer, with $5.0 billion in 2023 sales (15% of total sales); Healthcare, with $8.2 billion in 2023 sales (25% of total sales); and Transportation & Electronics, with $8.5 billion in sales for 2022 (26% of total sales).

In March of this year, 3M approved the planned spin-off of its Health Care business, now Solventum Corp., that was completed on April 1st. 3M's remaining organization consists of 16 divisions managed under three business groups: Consumer, Safety & Industrial, and Transportation & Electronics. Many of the divisions leverage the company's Adhesives technology platform.

Examples of brand offerings within 3M’s portfolio of adhesive products include the following: Scotch-Weld™ structural adhesives; VHB™ Tape; Scotch® Masking, Packaging and Filament tapes; and Command™ adhesive products, and Post it ® repositionable note products.

"Throughout 2023, we executed our priorities and delivered on our commitments – including expanding underlying operating margins and cash flow. We initiated actions to restructure our organization and simplify our supply chain, while progressing our Health Care spin and addressing legal matters," said Executive Chairman and former CEO Mike Roman.

William Brown was appointed 3M Chief Executive Officer, and Mike Roman appointed 3M Executive Chairman, both effective May 1, 2024. "I am excited for the opportunity to lead this iconic global company," said Brown. "The company has made significant positive changes under Mike's leadership, and I am looking forward to building on that progress as CEO as 3M continues to deliver for its customers, shareholders, employees, and communities around the globe."

NOTES: In June 2023, 3M announced it had entered into a broad class resolution to support PFAS remediation for public water suppliers that detect PFAS at any level or may do so in the future. The company agreed to contribute up to a present value of $10.3 billion, payable over 13 years. In August 2023, the company announced that it has reached an agreement to resolve the Combat Arms Earplug litigation against Aearo Technologies (Aearo) and 3M. 3M agreed to contribute a total amount of $6.0 billion between 2023 and 2029. In December, the company sold its 50% equity stake in Combi Packaging Systems LLC to SIAT Group. Combi is a U.S.-based producer and distributor of end-of-line packaging machinery and spare parts. It also acts as the service and warehousing provider for the 3M-Matic™ Case Sealing equipment brand primarily in North America. In conjunction with the sale, 3M continues to sell 3M-Matic products, whose brand, technologies, and portfolio are retained by 3M and will continue to be sold through approved channels worldwide.

In March of this year, 3M approved the planned spin-off of its Health Care business, now Solventum Corp. The spinoff was completed on April 1 of this year.

Opening image courtesy of 3M.