3M Company began extraction of Corundum which later changed to manufacture and transport of goods such as adhesives, specialty materials, tapes, among other manufacturing items. It has segments such as surgical nad medical supplies,display and graphics segment offers electronic displays such as touch screens and filters of computer screens. Safety and security and protection provides protection of products and roofing granules used in asphalt shingles.
Background information and brief history
3M Company was formerly known as Minnesota mining and manufacturing Company. An American corporation is a multinational conglomerate located in Maplewood in Minnesota. Five investors in two harbors founded it in 1902 (3M Company, 2015). It originated as a mining venture, which extracted Corundum, which later failed since the holdings were anorthosite without any commercial value.
Its co-founder John Dwan generated funds and exchanged them for stock. Lucius Ordway and Lucius carried over the company from 1905. Later on, the company relocated to Duluth and began the search and production of sandpaper products. The Company stabilized financially in 1916, paid dividends, and moved to ST.Paul where it stayed for 52 years. It then established headquarters at 3M center in Maplewood, Minnesota. 3M Company occupies a 475 acres space and 50 buildings.
3M Company began mining of stones to use in grinding wheels. The core business of its workers of innovating and developing new products. After three years, it innovated Three-M-ite cloth, masking tapes, sandpapers that are waterproof and scotch brand tapes. It was listed on New York stock exchange (NYSE).
Originally, the plan of 3M Company was to sell Corundum to East manufacturers to make grinding wheels. In 1902, it migrated to two harbors office on the shores of Lake Superior and now a part of 3M National Museum (3M Company, 2015). It signed its papers making Minnesota mining and manufacturing a great corporation.
The founders later failed in their maker of sandpaper with anorthosite, began importing minerals such as Spanish garnet, and grew the sale of sand paper. Research began in 3M Company when founders note d that oil had penetrated in the stones, migrated to Atlantic Ocean, and packed near olive oil. The loss was too big to be recovered even in the sale of their inventory. They roasted stones over fire in an attempt to remove olive oil.
3M Company is well known for making sales of $20 million. American institute of management recognized this achievement and the company were named among the best-managed companies in United States ranking it in the group of 12 growth stocks. In 1970, it published many board games under the 3M bookshelf game series brand (3M Company, 2015). The games were sold to adults through departmental stores. They had simple rules but rather complex game play and having high-quality components. They published German Euro games covering sports and business during U.S designers that had great influence.
3M Mincom introduced different types of magnetic tape recorders for instrumentation and sound recording in studios. It also designed and manufactured production of videos in their post-production industries and generated characters. In addition, it manufactured various types of video switchers from audio and video routers to video mixers in studio production works. In 1979, it introduced a commercial audio digital recording system known as 3M Digital Audio mastering system having 32-track audio tape recorder and a related 4-track digital recorder that was in use in 1980’s.
The Company is also known by introduction of post-it notes in 1980. In 1996 the data storage of the Company and its mining divisions were made an Imation Corporation. From then Imation has sold photographic film and imaging to deal with storage. Presently the Company is included in Dow Jones Industrial Average and grouped in 500-fortune list (3M Company, 2015). It has over 67,000 employees with 132 plants in the world. Its sales offices are located in more than 200 countries.
It has an environmental record in US. Environmental protection Agency (EPA). It initiated investigation of perfluorinated chemicals (PFCs) after receiving data regarding global distribution and toxins found in PFOS. PFOS related products were introduced in 2000 and are used in making of non-stick cookware and fabrics resistant to stains.
PFCs products were manufactured by Cottage Grove in 2002. 3M Corporation has many facilities in its operation such as research laboratories, sales offices and manufacturing facilities.
SWOT Analysis OF 3M Company
Strengths of 3M Company are that it is financially stable and has a diverse base of operation. Its brands are recognized and have a strong work force.
Its opportunities are that it offers reduced health care costs, has new global centers and emerging markets. It has greatly expanded internationally. It offers its products in emerging markets.
Its weaknesses are that it is not as dynamic as small competitors are, has a conglomerate structure ad it is much decentralized (3M Company, 2015).
It is however faced with many threats such as volatility of the currency due to changes in the value of the dollar. It has many competitors, unstable political climate, overcapacity, and faces threats in technology change. Moreover, it is exposed to foreign currency and its flunctuations.
Recommendations and conclusions
3M Company should concentrate on risk management issues to address internal risks of the company. Market performance should also be an area of concern to identify emerging threats in the market and opportunities to make more profits. There is also a need to innovate more on the policies of the market. The later would solve the issues of stagnating sales and profits. The Company is recommended to return to its 20 equity level return from its current 18.8 level. More over it should identify a culture of innovation. These are top leadership from board members. Conduction of research and development, concentration on rewards and incentives, and track dynamics of innovation. It should adapt tolerance to be different from other competitors and mange people.
3M Company specializes in Drywall tools such as Books and videos, automatic taping tools, dust barriers and framing hanging tools. They also offer masking products such as door hinge maskers and masking machines. They also offer sanding tools and texturing tools among others. 3M Company has advantages in that it is financially stable, and a strong workforce with a skillful sales team making its brands recognized in the country. It enjoys various opportunities such as ability to cloud compute, offering diverse products in the diverse global economy and has managed to expand internationally. However, it is faced by threats such as volatility of currency and inputs. It faces further threats of technology security. Competitors are the greatest challenge in 3M Company making it do more research and development of its products.
It has had many innovations such as creation of renewable energy division and transport business in its focus of generation and management of energy. It maintains EPA standard of environmental protection by investigating per fluorinated chemicals (PFCs) after it had obtained global distribution and toxicity data on PFOs. It conducts clean up services by combining pump-out wells and excavation of soil sediment.
3M.(2015).Science applied to life. Retrieved from https://www.3m.com/
3M Company.(2015).3M Company(MMM) SWOT Analysis. Retrieved from http://www.wikiwealth.com/swot-analysis:mmm
Avery Dennison Corporation SWOT Analysis.(2014). 3M Company SWOT Analysis.
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