3M CEO: Innovation Continues to Transform 3M into Faster Growing Company
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3M Corporate Headquarters, 3M Center
St. Paul, MN, 55144
Press release date: May 13, 2008
May 13, 2008
ST. PAUL, Minn.--3M continues to inspire and encourage innovation and creativity to accelerate growth and deliver excellent financial results, 3M chairman, president and CEO George W. Buckley told stockholders today at the company's annual meeting in St. Paul.
"The people of 3M are once again driving innovation through their energy and imagination," Buckley said. "At its core, 3M remains an idea company that prospers best when we commit ourselves to invest in ideas, technology development and new products."
Buckley cited increased investments in research and development - up more than 11 percent in 2007 - and the steady increase in the introduction of new products - up by about four percent in the last two years - as examples of 3M's commitment to innovation. Contributing to the overall growth strategy is the company's focus on growing its core by building broader and better capability with complementary acquisitions, by capitalizing on emerging business opportunities in adjacent spaces, and by continuing to drive international growth.
3M continues to invest resources and energy in new product platforms like the aluminum composite conductor, which has the potential to significantly change the way electricity is distributed; and a new mobile projection engine, which can be integrated into virtually any personal mobile device or used as a stand-alone product.
"3M's emerging technology portfolio is expanding into areas that will touch innumerable lives around the world," Buckley said. "I remain incredibly optimistic about our future prospects and about the long-term health of 3M."
Shareholder Voting Results
3M shareholders elected the following ten directors to the company's Board of Directors for one-year terms expiring in 2009:
o Linda G. Alvarado, president and CEO, Alvarado Construction, Inc. o George W. Buckley, chairman, president and CEO, 3M o Vance D. Coffman, retired chairman and CEO, Lockheed Martin Corp. o Michael L. Eskew, retired chairman and CEO, United Parcel Service, Inc. o W. James Farrell, retired chairman and CEO, Illinois Tool Works, Inc. o Herbert L. Henkel, chairman, president and CEO, Ingersoll-Rand Company Ltd. o Edward M. Liddy, retired chairman and former CEO, The Allstate Corp., and partner, Clayton, Dubilier & Rice Inc. o Robert S. Morrison, retired vice chairman, PepsiCo, Inc. and former interim chairman and CEO, 3M o Aulana L. Peters, retired partner, Gibson, Dunn & Crutcher LLP o Robert J. Ulrich, chairman and former CEO, Target Corp.
Rozanne L. Ridgway, former assistant Secretary of State for Europe and Canada, retired from 3M's Board of Directors. She served on the board since 1989.
Shareholders ratified the appointment of PricewaterhouseCoopers LLP as 3M's independent registered public accounting firm for 2008.
Shareholders approved the adoption of the 2008 3M Long-Term Incentive Plan.
About 3M A recognized leader in research and development, 3M produces thousands of innovative products for dozens of diverse markets. 3M's core strength is applying its more than 40 distinct technology platforms - often in combination - to a wide array of customer needs. With $24 billion in sales, 3M employs 75,000 people worldwide and has operations in more than 60 countries.
Contacts 3M Media Contacts: Jacqueline Berry, 651-733-3611 or Donna Fleming Runyon, 651-736-7646 or Investor Contacts: Matt Ginter, 651-733-8206 or Bruce Jermeland, 651-733-1807