ST. PAUL, MN - At an institutional investor and analyst meeting in New York on Dec. 8, 2009, 3M Chairman, President and CEO George Buckley outlined the company’s ongoing commitment to investing in its core businesses while continuing to focus on cash generation in light of the still uncertain global economy.
Buckley cited 3M’s 2009 performance as evidence of the success of the company’s plan to overcome the global downturn.
“3M’s recent performance should erase any doubt about the company’s ability to manage effectively without compromising our investments in the future,” Buckley said. “Our primary mission now is to properly prepare to take full advantage of growth opportunities as economies slowly recover.”
Buckley said that 3M intends to increase investment in research and development and new product development as a means to gain market share.
“Innovation is 3M’s primary differentiator,” he said. “We’ll continue to invest aggressively in our core and at the same time continue to make modest acquisitions at about the same rate we’ve been making in recent years.”
“As always, we will continue to carefully manage our costs as we invest,” added Buckley.
3M also provided its 2010 sales and earnings outlook. The company anticipates sales of $24.5 billion to $25.5 billion, with organic sales volumes growing 5 to 7 percent and currency effects adding 2 to 3 percent to sales for the year. 3M also expects that 2010 earnings will be between $4.85 and $5.00 per share. 2009 earnings per share are expected to be between $4.30 to $4.35 per share, or $4.50 to $4.55 per share excluding special items.