| 3M | 3M Center, St. Paul, MN 55144-1000 |
| www.mmm.com | (651) 733-1110 Fax: (651) 736-2133 |
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Ceramic dental braces?
With a product line totaling more than 50,000 different items, Minnesota Mining & Manufacturing, better known as 3M, has developed a global reputation for technical ingenuity and marketing innovation. Perhaps best-known for consumer products such as Scotch brand tape and Post-it notes, 3M is a global manufacturing giant with operations throughout the U.S. and in over 60 countries. Think you know 3M? Did you know that the company makes highway traffic signs and ceramic dental braces? Yup!
A tale of five men
Five Minnesota businessmen founded 3M as a mining business in 1902. The mining venture was not too successful, but the company soon turned to the more profitable prospect of sandpaper production. Since then, 3M has capitalized upon innovations such as Scotch brand masking tape - introduced in 1925 - and Scotch Magnetic Tape, the market's first commercially acceptable magnetic audio recording tape.
International appeal
The company's Industrial and Consumer Markets produces Post-it notes and Scotch brand tapes, as well as communication products; the Health Care Markets develops medical and dental supplies; and the Transportation, Safety, and Chemical sector produces reflective sheeting, high performance graphics, automotive parts and industrial breathing filters. More than half of 3M's annual revenue comes from international sales, and the company spends more than a third of its robust research and development budget abroad.
An innovator, pure and simple
With 40 tightly intertwined divisions, debate arises over how to classify 3M. Diversity technology? Diversified chemicals? Or a image and document processing company? CEO DeSimone says he would like 3M to be known as an innovator, pure and simple. The company pumps six percent of annual revenues into the research and development department, and many of its products are a result of the "Fifteen Percent Rule." This rule lets employees devote 15 percent of their own time to working and developing their own inventions. They are allowed to work on company time, using the company's resources. 3M's new Pacing Plus program invests more resources into the company's more promising products that have the potential to bring in more than $100 million in revenues.
Fighting back
In 1998, the company's profits were hit by weak sales in Asia and Japan as a result of the collapse in those markets. The company's stock fell about 20 percent in a one-year period from July 1997 to July 1998. Just under a quarter of the company's earnings came from Asia in 1997. DeSimone responded by slashing nearly 5,000 jobs, nearly 500 more than anticipated. Although, the CEO has also launched an effort for more and larger acquisitions, some analysts say DeSimone has not acted fast enough, and 3M may be in some danger. In the summer of 2000, the company names DeSimone's successor; DeSimone turns 64 in mid-July and the new CEO will have a year of transition before DeSimone reaches the mandatory retirement age of 65.
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Known by MBAs as an innovative, family-friendly company, 3M also consistently ranks high as a desirable employer - in 1998, the company again hit Fortune magazine's list of 100 best companies to work for. MBAs often come into 3M in the marketing function; for most of the company's marketing positions, 3M will hire only MBAs. Marketing managers are hired into 3M's headquarters in St. Paul and another corporate center in Austin. The company posts job descriptions at its web site, located at www.3M.com. Ever-responsive and friendly 3M responds to resumes within 30 days.
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Innovation motivation
Although some 3M employees complain about the company's "rigid bureaucracy," most rave about the company's treatment of its employees. "It's an innovative company that tries to provide employees with training and policies to do one's job best," says one insider. "It blends strong business ethics with concern for the well-being of employees and the environment." Says another: "The team concept is very much a part of the 3M culture - rarely, if ever does one person make a major decision." Opines another contact: "Most - maybe 99 percent of the employees you work with - are responsive when you need help."
Teaming up
The company's teamwork environment starts with its emphasis on innovation, employees say. For example, all of the company's technical employees are encouraged to spend 15 percent of their time on their own projects. "The company has innovation at its core," reports one 3M contact. "It's employee-oriented and community-minded. They're always inviting employee involvement."
Part of the employee involvement at 3M includes the "3M Club," a program that organizes employees by hobbies and interests. The club is just one of many perks the company offers to help make employees stick. Need tape? "We receive discounts at the company store on 3M products." And "for managers, the stock options are very attractive." Says a longtime company employee: "The 3M retirement program is another thing I now consider among the best things about the company. As I approach retirement age, I realize how good the program really is."
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Human Resources
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Specialty chemicals and polymers;Adhesives;Nonwoven fibers;Films;Optics;Filtration;Microstructured surfaces
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