“Over the last several years we have taken significant actions to strengthen our technology capabilities, improve our portfolio and cost structure, and make us even more relevant to our customers,” Thulin said. “Moving into 2017, we are continuing to increase investments in targeted growth opportunities, which will help us deliver another year of efficient growth and strong cash flow. Equally important, our enterprise is well-positioned for long-term success, and we will capitalize as growth conditions improve.”
3M’s execution of its playbook – which includes three key levers of Portfolio Management, Investing in Innovation and Business Transformation – is moving the company toward an even more efficient and customer-focused business model. 3M has strengthened and prioritized its portfolio by realigning from 40 businesses to 25, while also making strategic acquisitions and divestitures; and increased investments in research and development close to 6% of sales, or approximately $1.8 billion, to support organic growth.