News

3M to Advance Operating Model, Improve Cost Structure, and Accelerate Innovation

Enhanced operations and marketing capabilities position company to better capitalize on global trends

ST. PAUL, Minn., Dec. 3, 2020 /PRNewswire/ — As the global economy shifts in the wake of the COVID-19 pandemic, 3M (NYSE: MMM) is advancing its operating model, streamlining its business, and focusing on global trends where the company will apply science to life in new ways to drive sustainable growth.

“The COVID-19 pandemic has advanced the pace of change and disrupted end markets around the world, increasing the need for companies to adapt faster,” said Mike Roman, 3M chairman and chief executive officer. “At the same time, we are seeing significant opportunities from our new operating model which we launched at the start of the year. As a result, we are taking further actions to streamline our operations, positioning us to deliver greater growth and productivity as global markets emerge from the pandemic.”

In January 2020, 3M launched a new global operating model – a significant step in the company’s transformation – which has evolved the way 3M works, enabling the company to be more customer focused and responsive, helping 3M to lead during the pandemic.

With the actions 3M is announcing today, the company will further enhance its operations and marketing capabilities. In operations, 3M will eliminate redundancies and better use analytics to drive additional efficiencies. In marketing, 3M will build on its success in utilizing data insights, accelerating global marketing programs, and activating digital engagements with customers.

3M will be better positioned to take advantage of global market trends in e-commerce, personal safety, health care, automotive electrification, and home improvement. At the same time, the company plans to de-prioritize investments in end markets where growth is slower.