3M 2006 Annual Report Download - page 24

Download and view the complete annual report

Please find page 24 of the 2006 3M annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 116

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116

3M™ Stamark™ Pavement
Marking Tapes
Creating borderless customer success
Who we are We’re an organization of
40,000-plus diverse, experienced people
working in 3M international companies in
64 countries. Working hand in hand with
3M’s U.S.-based businesses, we help make
the most of the company’s opportunities
internationally. Almost all of us were born
and raised in the countries where we work
and have an in-depth understanding of our
markets – customers, competitors, business
practices and industry trends. This local
know ledge and execution – supported by
3M technologies, products and brands – is
an overarching strength and competitive
advantage. It’s what enables us to provide our
customers with leading-edge products, strong
marketing support and responsive service.
We call this borderless customer success.
Driving growth In 2006, we increased sales
volume 10 percent, with volume growth of
more than 20 percent in 19 countries. We
expect to post continued strong growth in
the years to come. International markets
represent 3M’s single largest opportunity
– for two reasons. Our penetration of these
markets remains well below 3M’s U.S. levels,
and international economies, on balance, are
growing faster than the U.S. economy – in
several countries, signifi cantly faster.
We’re growing in all major geographic areas,
with particularly fast growth in China and
other emerging economies. The Chinese
economy, according to recent estimates,
grew more than 10 percent in 2006 and now
is the fourth-largest economy in the world.
We increased local-currency sales in China
by 30 percent in 2006, approaching the $1
billion mark. To meet customer needs and
drive continued strong growth, we continue
to expand our capabilities in China. In 2006,
this included opening a major new R&D
facility and three new manufacturing plants –
bringing our total to 10 – and making sub-
stantial additions to our sales and marketing
networks.
In Russia, we increased local-currency sales
nearly 25 percent and are seeing strong
demand for our personal safety, dental,
consumer and offi ce products, as well as for
3M solutions for the oil and gas, automotive
aftermarket, highway safety, telecommunica-
tions and electrical power industries.
Poland and Turkey are two other emerging
economies that present us with large growth
opportunities. To capitalize on this potential,
we’re adding signifi cantly to our workforce,
broadening our product offerings and investing
in new facilities. Among recent manufacturing
additions is a new optical fi lm plant in Poland.
International Operations
(Percent of Worldwide Sales) 2006
United States 39%
Asia Pacifi c 27%
Europe, Middle East and Africa 25%
Latin America and Canada 9%
3M™ Vinyl Film Graphics
Scotch-Brite® Cleaning Products
Scotch-Brite® Microfi ber
Hardwood Floor Mop
3M™ Diamond Grade™
Refl ective Sheeting