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3M

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3M is a massive American multinational conglomerate. A conglomerate is a large company that operates in many different industries at once. Today, 3M works in fields like industrial manufacturing, worker safety, and consumer goods.

3M Administration Building
3M Administration Building

The company is based in Maplewood, a suburb of Saint Paul, Minnesota. It is a global force with operations in more than 70 countries. 3M employs approximately 95,000 people to manage its vast reach. The company is highly successful in the global market. In 2021, 3M reported total sales of $35.4 billion. This high revenue placed it at number 102 on the Fortune 500 list.

3Mwatertower
3Mwatertower

3M produces a staggering variety of items. The company manufactures over 60,000 different products. These include adhesives, abrasives, and various types of laminates. They also create personal protective equipment to keep workers safe. Other products include electrical insulating materials and electronic circuits. You likely recognize many of their famous consumer brands. These include Scotch Tape, Scotchgard surface protectants, Post-it notes, and Nexcare adhesive bandages. The company is so large that its stock is listed on both the New York Stock Exchange and the SIX Swiss Exchange.

Target Plaza South
Target Plaza South

The company's journey began with a failed mining venture. In 1902, five businessmen founded the Minnesota Mining and Manufacturing Company. They wanted to mine corundum, which is a crystalline form of aluminium oxide.

3M Museum 2013
3M Museum 2013

However, the mine actually contained anorthosite. This is a type of feldspar that had no commercial value. This failure forced the company to change its direction. By 1905, new leadership took over the company. They moved to Duluth and began researching sandpaper. 3M eventually became financially stable in 1916. After moving to Saint Paul in 1910, the company stayed there for 52 years. It finally moved to its current Maplewood headquarters in 1962.

Innovation at 3M often happens through unexpected discoveries. In 1952, chemists Patsy Sherman and Samuel Smith accidentally discovered a formula for Scotchgard. This product acts as a water repellent for fabrics. They received a patent for this formula in 1973. Another famous product, the Post-it note, had a rocky start. In 1977, the company launched "Press 'n Peel" bookmarks, but they did not sell well. Instead, they gave out free samples of a sticky note in Boise, Idaho, in 1978. An amazing 95% of those testers said they would buy them. The product officially launched as "Post-Its" in 1979.

3M Administration Building
3M Administration Building

3M has also been a significant player in healthcare and technology. In the mid-1960s, the company entered the pharmaceutical industry by acquiring Riker Laboratories. They developed the first asthma inhaler in the late 1950s. Later, in the mid-1990s, they produced the first CFC-free asthma inhaler. This was a response to the Montreal Protocol, an international agreement to protect the ozone layer. In the 1970s, they even created a theatrical blood formula for movies. This product used red colorfast microbeads suspended in a liquid. It was used in the 1978 film Dawn of the Dead. 3M also worked on digital audio recording systems in the late 1970s.

The company's history is marked by many large acquisitions and sales. In 2010, 3M bought Cogent Systems for $943 million. In 2017, they purchased the safety gear business Scott Safety for $2 billion. They also bought Acelity and its KCI subsidiaries for $6.7 billion in 2019. However, 3M also sells parts of its business to focus on other areas. In 1996, they spun off their data storage and imaging divisions into a new company called Imation Corporation. In 2006, they sold their pharmaceutical unit through three separate deals. Most recently, the company announced plans to spin off its healthcare assets into a new firm called Solventum Corporation.

3M is a massive engine of invention. The company obtained its very first patent in 1924. Since then, they have continued to acquire many new patents every year. They acquire approximately 3,000 new patents annually. In 2014, the company reached a huge milestone by surpassing 100,000 total patents. This constant stream of new ideas helps them maintain their position as a global leader.

3M Museum 2013
3M Museum 2013

However, 3M has also faced challenges regarding its environmental impact. The company has dealt with issues involving perfluorinated chemicals, often called PFAS. These are known as "forever chemicals" because they do not break down easily. They have been used in nonstick pans and firefighting foams. These chemicals can be dangerous pollutants linked to serious health problems. In 2018, 3M agreed to pay $850 million to end a Minnesota water pollution case. To address contamination, the company is using groundwater pump-out wells and soil excavation. 3M has also worked on internal programs like Pollution Prevention Pays to reduce waste and pollution.

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File:3M Museum 2013.jpg
3M Museum 2013.jpg
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3M Administration Building.jpg
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Target Plaza South.jpg
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3Mwatertower.jpg
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