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UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
George W. Buckley
Chairman, President and Chief Executive Officer
An Emerging Strategy for Growth
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
Forward Looking Statements
This presentation contains forward-looking information (within the meaning of the Private Securities Litigation Reform Act of 1995) about the company’s financial results and estimates, business prospects, and products under development that involve substantial risks and uncertainties. You can identify these
statements by the use of words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,”“believe,” and other words and terms of similar meaning in connection with any discussion of future
operating or financial performance. Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic conditions; (2) competitive conditions and customer
preferences; (3) foreign currency exchange rates and fluctuations in those rates; (4) the timing and acceptance of new product offerings; (5) the availability and cost of purchased components,
compounds, raw materials and energy (including oil and natural gas and their derivatives) due to shortages, increased demand or supply interruptions (including those caused by natural and other
disasters and other events); (6) the impact of acquisitions, strategic alliances, divestitures, and other unusual events resulting from portfolio management actions and other evolving business strategies, and possible organizational restructuring; (7) generating less productivity improvements than estimated; and
(8) legal proceedings, including the outcome of pending Congressional action concerning asbestos-related litigation and other significant developments that could occur in the legal and regulatory
proceedings described in the company’s Annual Report on Form 10-K for the year-ended Dec. 31, 2005 (the “Report”). Changes in such assumptions or factors could produce significantly different results. A further description of these factors is located in the Report under Part I, Item 1A, “Risk Factors.” The information contained in these presentations is as of the date indicated. The company assumes no
obligation to update any forward-looking statements contained in these presentations as a result of new information or future events or developments.
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
Topics We Will Address Today
Portfolio Overview1
Describing 3M’s strategy for growth while maintaining premium margins
Continued commitment to operational excellence
Strategic Management of 3M’s Portfolio
2
3
4
5 Summary – bringing it all together
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
2005 Business Segment Results
Industrial &Transportation
$6.1B
Health Care$3.8B
Display &Graphics
$3.5B
Consumer & Office$3.0B
Electro &Communications
$2.3B
Safety, Security &Protection Services
$2.3B
LC Growth: 6.5%OI Margin: 19.7%
LC Growth: 4.2%OI Margin: 29.6%
LC Growth: 4.7%OI Margin: 33.1%
LC Growth: 3.6%OI Margin: 18.5%
LC Growth: 4.2%OI Margin: 19.2%
LC Growth: 6.9%OI Margin: 23.4%
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
3M International Overview
Subsidiaries in 69 countries33 countries with laboratories79 manufacturing sites36,600+ employees99% of 3M International subsidiary employees are local nationals3M product sales in over 200 countries
2005 Sales($ billions)
Europe$5.2
APAC $5.7
U.S. $8.3
LAC$1.9
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
Historical Performance Has Been Good….
$16,000
$16,600
$17,200
$17,800
$18,400
$19,000
2001 2002 2003 2004 2005
CAGR = 3.8%Organic LC Growth
15%
20%
25%
2001 2002 2003 2004 2005
6.2 ptsROIC %
$2,000
$2,600
$3,200
$3,800
$4,400
$5,000
2001 2002 2003 2004 2005
CAGR = 16%Operating Income
$2.00
$2.50
$3.00
$3.50
$4.00
2001 2002 2003 2004 2005
EPS
CAGR = 18%
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
Relative Value Of Growth For Different CompaniesMMM 5.2
GE 11.4IBM 3.5
DHR 5.1PG 7.2
XOM 2.1GM 2.4
WMT 1.6#REF! #REF!#REF! #REF!#REF! #REF!
0.0
2.0
4.0
6.0
8.0
10.0
12.0
MMM GE IBM DHR PG XOM GM WMT
Company Ticker
Rel
ativ
e V
alue
of G
row
th
Source: HBR April 2005
Expanding Growth RatesCreates More Value Than Margin Expansion
Growth 5X Margin
1% pt. LT sustainable growth rate = $10B1% pt. more sustainable margin = $2B
Gordon Growth Model = FCF/(WACC – Growth)
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
3M’s Summary Strategy
Technology lattice protects the downsides and ensures upsidesInvestment through the economic cyclesDriving growth as a way of doing business
Organic Sales Growth
Earnings Growth
Investment Returns
8%+ and growing
12 -15%
20%+Drill into the core. Move towards scale where markets are large
Move towards higher relative share in smaller markets
Heavy up on globalization
Technology remains part of who we are
Careful tradeoffs of share and growth to maintain value creation momentum
Building on brands, technology, people, service & distribution
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
Defining 3M’s Core
3M’s fundamental core competency is applying coatings to backings– Both the coatings and the backings are traditionally developed inside 3M
– Backings may be woven or non-woven fabrics, paper, cloth, plastics or metal
– Coatings are adhesives, abrasives, medicines, nano particles or imprinted optical patterns
It does this in a highly precise manufacturing approach that involves the large scale unwinding, winding and splitting of tapes
Incredible manufacturing capability and know how is the unsung hero of 3M and a significant barrier to entry
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
Defining 3M’s Core
In applying coatings, 3M developed world class competencies in modifying the shapes and patterns of surface coatings (called micro-replication) that alters the fundamental behavior of a product
This micro-manufacturing competency, leveraged across many markets into nanotechnology gives 3M huge advantage
Reinvention of the materials science space over the next few years with nanotechnology is one source of the next wave of growth
Trizact AbrasiveFuel Cell MEACubitronVIKUITI™ BEF
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
3M’s Technologies Extend Into Multiple Markets
Adhesives
Abrasives
Ceramics
Electronic packaging
Micro replication
Optics
Specialty materials
Non-woven Materials
Polymer melting
3M Technology Platforms
Architecture & Const.
Auto. & Aerospace
Electronics Manuf.
Graphic arts
Health care
Home and Leisure
Industrial OEM
Consumer & Office
Safety & Security
Telecoms and Utilities
Markets
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
AdAdhesives
DdDrug
Delivery
DmDisplay
Materials
AcAcoustics
CpChemical
PowerSources
VpVacuum
Processing
PpPrecision
Processing
MeMetalMatrix
Composites
SuSurface
Modification
FsFiltration,
Separation,Purification
DoDental &
OrthodonticMaterials
RfReclosableFasteners
AbAbrasives
MrMicro-
replication
PePredictive
Engineering& Modeling
RpRadiationProcessing
NmNonwovenMaterials
PmPolymer
MeltProcessing
SmSpecialtyMaterials
AsApplicationSoftware
FiFilms
MdMedicalDataMgmt
MiMicrobialDetection& Control
PoPorous
Materials &Membrane
s
PcPrecisionCoating
CeCeramics
EpElectronicPackaging
FlFluoro-
materials
ImImaging
IsIntegratedSystemsDesign
MoMolding
PdParticle &DispersionProcessing
PrProcess
Design &Control
WoWoundMgmt
FcFlexible
Converting& Packaging
FoFiberOptics
IpInks &
Pigments
LmLightMgmt
AmAdvancedMaterials
BiBiotech
NtNano
Technology
But Here’s What The Lattice Really Covers; 3M’s Other 32 Technology Platforms…
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
BrightnessEnhancement
Film
LCDFilm
LED Light Mixing
Light ControlFLG
X-rayScan
NotchedFiber
Large-DiameterOptical Fiber
FILM
Product And Technology Migration At 3M; Microreplication Technology
1964 1970 1980 1990 2000
OpticalLighting
Film
Glare-freeOverheadProjector
Lens
LensFilm
TrafficSignal
LinearSolar
Concen-trator Day
lighting
TotalInternal
Reflection
Ov erheadProjector
LensRadialSolar
Concentrator
Multi focalInterocular
Lens
Low-profileOverheadProjector
Micro lenses
1983Optical
TechnologyCenter Formed
StructuredSurface
AbrasivesShaped Particles
TrizactAbrasives
Scotchlite DGS
InternallyLit Signs
LightPole
LightedGuidance
Tube
LightedLane
Marker
Lane MarkersFluorescent
DGSConspicuity
DG3
Stem WebTape
ControlTAC
SmartAdhesives Micro Comply
Electrical Connectors
StructuredSurface
Filter ISOporous
StructuredSurface Sensor
Micro-channelcooling
FluidTransport
High flowFilter
ProgrammedOptics for Signs
Griplets
LENSES
ILLUMINATION
REFLECTIVEMATERIALS
ABRASIVES
ADHESIVES
MATERIALS
ELECTRONICS
PrismReflectivity
ReclosableFasteners
Wide AngleDGS
Cube cornerDiamond
GradeSheeting
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
The Role Of Technology and Innovation at 3M
As well as our history, it is the engine of our future growth
The key to sustainable success is unfettered innovation– But it’s not only about monetary volume, it’s also about direction– 3M’s shared technology model is essentially unique– The 15% rule is alive and well
We’ll search for disruptive technologies as well as logical developments and extensions to invent new futures for our productsWe’ll prospect for “just out of the garage” technology developments key to building our coreThe heart of 3M’s approach will remain technological differentiation and applied across multiple lines of businessWe’ll add “digital” oriented competencies over time
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
Some Breakthrough 3M Products
Advanced Composite Conductor
Dual Brightness Enhancing Films
Littmann® Electronic Stethoscope with A mbient
Noise Reduction Flexible Circuit
3M Trizact Abrasives
Post-it Picture Paper
3M Confirm Laminate with Floating Image
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
Advancing 3M’s GrowthAdvancing 3M’s Growth
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
Adjacency Mega Trends Seeded by small M&AElectronics and softwareTargeted areas
RFID/Wireless/GPSMinerals extractionOil & GasFood safetyConsumer Electronics
The Four Principal Elements Of Growth We’ll Use
Grow the Current Core Business
Build New Business via EBOs
StrategicThrust
Complementary Acquisitions
International Growth
Defend and extend the coreBuild scaleBuild relative shareEmphasize localizationDisruptive technologiesBuild long term competency
Follows core strategySupports adjacenciesMostly tuck-ins
BRICPEastern EuropeWestern EuropeJapanAustralasiaGrowth everywhere
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
Growing The Current Core Business
Imagine, dream and inventBeat competitors to the futurePlan for cannibalizationLicensing as a routeAvoid NIH syndrome
Invent a New Future
Build Broad LongTerm Competencies
Develop broad based long-term capabilitiesAcquire supporting core technology with quality brandsBuild volume and scale
Build key customer partnershipsCustomization as toolConstant reinvention; drill downLocalization and differentiation
Grow the Current Core
Extend The Core
Build first where we’re strongGet scale & build relative shareFill in the product “white spaces”Become important to customersUse dual brandingInternational product localizationLocal acquisitionsPrivate labeling
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
Building Scale And Relative Share In Our Core
Scotch® branded Industrial and Office Tapes
Abrasives
Automotive after-market
Optical Films
Face masks & respirators
Medical tapes and drapes
Post-It® Notes
Traffic Signage
Pharmaceuticals
Touch systems
Precision Optics
Visual displays
Lighting
Electrical Connectors
RFID
Dentistry
Orthodontics
Office supplies
Roofing granules
Commercial Graphics
Adhesives
Scale or Getting ScaleRelative Share or
Targeting Relative Share Sub-Scale
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
Core StrategyUsing Differentiated Brands and Technology to Grow Our Market
Selective privatelabeling or
manufacturing JVs to support partnership
customers
Use principal brands and
differentiated technology or features
Use Secondary Brands /
Technologies
Industrial Consumer
Diamond Grade™
High Intensity Grade
Engineering Grade
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
Acquisitions and Divestitures
Over time we’ll divest or close those businesses where;– We cannot, over time, build scale or good relative share, or– We cannot differentiate through technology, or– The base technology is at “end of life” and cannot be refreshed, or– The risk profile suggests another owner could extract more
value than 3M
The majority of acquisitions will be EPS accretive or neutral inyear 1 and EVA accretive by the end of year 3They will closely reflect and support our strategic planWe’re prepared to sacrifice some % margin for additional growth provided net value creation is positive. We expect returns to remain high
Grow the Current Core Business
Build New Business via EBOs
StrategicThrust
Complementary Acquisitions
International Growth
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
Growth Acquisitions – Formal Screening Criteria
InorganicGrowthOpportunities
High Growth Market Screen
Select Healthcare segmentsSafety & ProtectionTrack & TraceEnergyDisplay & GraphicsConsumer
Operating Metrics & Fit
Screen
Double digit growth Potential for margin improvementAbility to leverage across current customers Integration with current 3M innovation processes
ValuationandSize
ValuationandSize
Mostly Mid-size rather than transformationalEarly EPS accretion
Mostly Mid-size rather than transformationalEarly EPS accretion
PotentialTargets
Grow the Current Core Business
Build New Business via EBOs
StrategicThrust
Complementary Acquisitions
International Growth
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
EBO Adjacencies
Concept– Enhanced focus on emerging business opportunities with high growth
– Concept used where capability exists with ready adjacencies but no current focus
“EBOs” are Emerging Business Opportunities used to drive faster growth
AttributesCollect all related activities into a single entity“Housed” in a SegmentLeader reports directly to the EVPAcquisitions and additional resources provide supportGrowth and speed are the focus
Initial EBO CandidatesFiltration
Track & Trace
Energy & minerals extraction
Food Safety
Initial EBO CandidatesFiltration
Track & Trace
Energy & minerals extraction
Food Safety
1
2
3
4
Grow the Current Core Business
Build New Business via EBOs
StrategicThrust
Complementary Acquisitions
International Growth
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
Track And Trace Has Broad Based Opportunities
Existing and Potential Solution Spaces
How Am I?
Where Am I? Sensor Networks • Sensors• Temp• Vibration• Humidity• Light• Contaminants
Who Am I?• RFID Tag• Bar Code • Database
• Tracking Software • RFID Network• Wireless Location• RTLS• GPS• Road Tolling
Improve and Advantage Me!
• Location-based serv ices• Supply chain optimization• Competitive “superiority”
in Order Fulfillment– Supply chain– Distribution
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
Perhaps the Largest Single Growth Opportunity
GPS RFID
UHFID
Consumer
Medical
Information
Security
Military Agriculture
Transport
Industrial
Children
Border Crossing Passports
ID cards
Criminals
Pets
Navigation
Target IDBattlefield Mngmt
Asset Mngmt
Automotive
Railway Signals
Road Toll
AssetTrackRunway
Mgmt
Vehicle Security
Animals Fish Farms
Vehicle Security
Navigation OutdoorSki
Hike
Fish
Personal
Patients
PathologyRecords
Transplants
Assets
Library
Government
Surveying
Records
AssetTrack
Warehouse
Containers
Packages
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
The Opportunity of International Growth
International growth rates 2X – 3X US
61% of 3M sales are outside the United States today, ≈ 70% in 2011
Focus is on BRICP; double investments there
China growing ≈ 35% CAGR, expecting circa $1Bn sales in 2006
India growing at 40%+
Double digit growth rates in E. Europe and LA
W. Europe grows faster on localization strategies
Acquire local brands and manufacturing as well as organic expansion
Grow the Current Core Business
Build New Business via EBOs
StrategicThrust
Complementary Acquisitions
International Growth
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
Building Emerging Country Capacity; End 2006
INDIA
● 722 Employees
● 2 Plants
POLAND
● 652 employees
● 2 Plants
RUSSIA
● 237 Employees
● 1 Plant
BRAZIL
● 2,943 Employees
● 3 Plants
CHINA
● 2,070 Employees
● 6 Plants
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
International Growth Investing in Higher Growth Economies
2003 2006E 2011E
APAC25%
US46%
LAC7%
EM EA22%
APAC29%US
38%
LAC8%
EMEA25% EMEA
26%
LAC9%
US30% APAC
35%
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
Operational Excellence
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
Our Foundational Beliefs on Competitiveness
We compete on six competitive platforms
Low cost is the ultimate competitive deadly weapon
Scale and relative share are vital for efficiency and competitiveness
Follow the customer value chain
Pristine service and brands can overcome price in some markets
We can compete best in the core, but the core evolves dynamically
People
Cost
Brands
Service
Technology
Distribution
6σ & LeanGlobal sourcingFactory costsTaxes
Secure the bestSecure the broadest
NanotechnologyElectronics & Software
Speed to marketOTIFQuality
Inspire and guideDevelop leadershipContinuing education
Protect the PrimarySecondary for local
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
Keeping Our Commitment To Operational Excellence
Our commitment to operational excellence and Six Sigma remains strong
Six Sigma is evolving to also include “Lean” methods, beginning first in manufacturing
Process excellence is a fundamental core competency of 3M
Put process in where it belongs… and ignore it where it doesn’t
Operational excellence focus will be expanded to cover procurement and logistics– Offers large opportunities for margin expansion & sales growth
Initiatives will be driven into the fabric of 3M’s culture
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
Productivity Continues
Productivity Continues Through Cost Out & Leverage
2001 2002 2003 2004 2005
Six Sigma + LEAN
GBP
eP3
Indirect Costs
Sourcing
2006 2007 2008
1% more margin leverage 2005 – 2008
Overhead Cost Leverage
$ Bi
llion
s
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
2001 2005 20080.0%
2.0%
4.0%
6.0%
8.0%
10.0%
Overhead Cost % to Sales
Savings from Internal Initiatives
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
History Of Flags - Manufacturing
2006WIP/RM’s: <20 daysCycle time: <15 days
Lolita, TXBOPP Jumbo
Hutchinson, MN•Jumbo Coating & Printing •Slitting•All Assembly
MNCustom Printing
Greenville, SC*Polyester Jumbo
Hartford City, IN*Matte Coating
Nevada, MO*LAB, Adh, Color*Slitting*1” Assembly*2” Assembly
Milwaukee, WI*2” Prtg (Index)*Leaderstrips
Amery, WI*Split Flag Asmby*2” Prtd Asmby*Hldy Tags AsmbyMinneapolis, MN*1”, 2” Printed*Holiday Tags*Quality Flags
U.S./O.U.S. Distribution
U.S./O.U.S. Distribution
1988-1996WIP/RM’s: 100 daysCycle time: 95+ days
CMA
Jumbo Production
12” Master Roll converting into Lefts and Rights
Gannicott Master Pad Converting
Automated Assembly and Pack-out
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
And Here’s What Can Happen To Cost
6 8 3 - 4 /6 8 3 - 4 A B U n i t C o st B r e a k d o w n
$ 0 .0 0
$ 0 .1 0
$ 0 .2 0
$ 0 .3 0
$ 0 .4 0
$ 0 .5 0
$ 0 .6 0
$ 0 .7 0
$ 0 .8 0
$ 0 .9 020
00
2 001
2002
2003
200 4
2 005
-YTD
Long
card
2 Pa
ck
O th e r P a c k a g in g
In d ire c t
H o ld D o w n L a b e l
L o g o L a b e l
D i s p e n s e r
P a d
M a c h in e
L a b o r
100%
50%
25%
75%
0%
Non-Material Unit CostFlags
Cost element 1Cost element 2Cost element 3Cost element 4Cost element 5Cost element 6Cost element 7Cost element 8
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
So ….. In Summary
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
Summary Target Growth Picture
3% - 5% sales growth in market adjacencies, acquisitions and EBOs, 20% incremental margin; using new or primary brands
2% - 4% sales growth in subsidiary markets, at or above peer margins; using secondary brands
International expansion occurs in all three dimensions.
Traction and momentum will occur at different rates.
5% - 8% sales growth in traditional 3M core; 40% incremental leverage using primary brands
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
Driving Additional Growth AtPeer Margins
$4.0
$5.0
$6.0
$7.0
$8.0
$9.0
$10.0
2006e 2007e 2008e
$ Bi
llion
s
0%
4%
8%
12%
16%
20%
24%
28%
Perc
ent
Op. Inc. Traditional Op. Inc. Subsidiary Op. Inc . Margin ROIC
Additional Growth at Peer Margins = Greater Shareholder ValueAdditional Growth at Peer Margins = Greater Shareholder ValueAssumptions: traditional business LC growth of 6.5%; incremental margin of 40%; additional growth of 0% ’06; 1.5% ’07; 2.0% ’08 at 15% op. inc.
11%-13% CAGR
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
Coordinated Value Creation Strategy
Strategy ► Review business units by key metr ics inc luding growth and capital effic iency
► Work in high growth spaces with reasonable EPS targets . Value creation orientation. Less margin obsessive
Strategy ► Increase leverage on the balance sheet. Be willing, if necessary, to dip below AA rating to A
Near TermTactics
► Put ongoing review metr ics in place► Divestiture of Pharmaceuticals► Examine others for divestiture
► Use cash flow for investment, acquis itions and share buybacks
Near TermTactics
Near TermTactics
► Safety & Protection► Medical, Dental & Orthodontics► Display & Graphics (Optics & Films)► Track & Trace (RFID/Wireless/GPS)► Wider Consumer Offer ings
Near TermTactics
► Focus on adjacent segments with higher growth, cost and revenue synergies
Strategy ► Focus on mega trends, scale and relative share in core business
Strategy
Selected DivestitureSelected
DivestitureOrganic Growth
Capital StrategyCapital
StrategyAcquisitionsAcquisitions
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved
Moving Forward
Our first priority is to build scale and relative share in 3M’s traditional core markets
– By solving the chronic capacity underinvestment in the core– By becoming vital to customers and filling in product “white spaces”– Expansion in health care, optical applications, “safety at work”, the traditional
industrial core and broader consumer offerings
Our second priority is international expansion in high growth BRICP countries– Supporting movement of the customer base and local infrastructure growth
Our third priority is adjacency “mega trend” expansion in high growth EBOs– Filtration, track & trace, energy, materials extraction, and “safety at work”
Technological differentiation will remain hallmarks of 3M’s competitive strategy for the futureSteadily improved brand building and marketingGrowth opportunities are evident in every sector, especially in secondary markets and white space fill in
UBS Best of Americas Conference – May 31, 2006 © 3M 2006 All Rights Reserved