The spirit of innovation and commitment.
By SHABBIR H. KAZMI
Oct 15 - 21, 2001
During the year 2000, 3M achieved record sales, net
income and earnings per share. The unique product and globally diversity
gave the Corporation the strength to post solid results despite
difficult economic trends in the United States and negative currency
impact. Sales volume grew more than 15 per cent, and profit margins
exceeded 21 per cent. Asia Pacific, Europe and Latin America all
achieved double-digit growth.
Sales growth was particularly strong in 3M business
that serve fast-growing, high-tech markets, such as electronics,
telecommunications and optical systems. Dynamic, high-growth markets
currently account for a quarter of 3M's sales. During the year 2000, the
Company experienced one of the highest levels of innovation in its
history, generating US$ 5.6 billion — nearly 35 per cent of total
sales — from products introduced during the past four years, with over
US$ 1.5 billion of sales coming from products introduced in year 2000.
Despite, the slowing of the US economy and uncertain
economic conditions abroad, the management and thousands of excellent
people worldwide are committed to delivering yet improved results. To
meet this goal in a challenging global economy aims at optimizing cost
and sharpen its competitive edge. At the same time, 3M's potential to
build on its uniquely strong base is enormous. each of the following
represents a multibillion opportunity over the few years:
Geographic Penetration: Simply maintaining its
current rate of improvement in market penetration internationally, the
Company has the potential to add US$ 4 billion to the top line,
Innovative/New Markets: 3M's distinguishing
strength is its entrepreneurial drive to transform three dozen
technology platforms into a constant new-product flow, providing new
solutions for new customers in new markets,
Dynamic Growth Products: Fast growing markets
like health care, telecommunications and electronics represent another
multibillion dollar opportunity. Products families like immune response
modifiers, interconnected systems and filtration products exhibit even
greater potential than first envisioned,
Acquisitions: The Company aims at aggressive
acquisition to accelerate expansion into high-growth markets, and
leverage its global reach and capabilities.
Today, 3M's brand portfolio is flourishing, a result
of both the creation of new brands and the renewal and extension of
time-tested brands. The Scotch brand, introduced 75 years ago as
masking tape has evolved through countless innovations. Similarly the Scotch-Brite
continues its household recognition through cleaning products.
Another 3M veteran, the 20-year old Post-it brand has grown from
yellow notepads to a myriad of products — all of which provide fast,
friendly tools for communication and organization.
The Company has identified 21 potential strategic
brands, consisting of both established and newer brands. Each is
supported by a rich base of science and technology, and being developed
at a quickened pace. Some of the promising new brands are Vikuti
Display Enhancement, Volition Fiber Optic Network Solutions, Command
Adhesive and Nexcare First-Aid Products.
3M established its corporate office in Pakistan in
1995 with a specific attention on medical consumables with proper
clinical back-up. This area was often ignored by many multinational
companies as they preferred to market their products through agents. 3M
made specific efforts to educate doctors and para-medical staff by
conducting awareness and training programmes for following procedures
The integral parts of this awareness programme are:
1) avoiding post operation infection and creating aseptic environment in
both public and private hospitals. This is to avoid indiscriminate use
of antibiotics which not only adds cost but also results in resistance
even against fourth generation antibiotics.