It's like DuPont, but for everything from industrial materials to consumer products like Post-it notes, all based on science and innovation.

Imagine the historical, highly diversified General Electric (GE), but with a stronger focus on materials science and everyday consumer products.

• Post-it Notes: Iconic repositionable adhesive notes used for reminders, organization, and communication.
• Scotch Brand Tapes: A diverse range of adhesive tapes, including office, packaging, electrical, and specialty tapes for various applications.
• Scotch-Brite Cleaning Products: A line of abrasive sponges, scouring pads, and cleaning tools for household and industrial use.
• N95 Respirators and PPE: Personal protective equipment, including respirators, used for health and safety in industrial, healthcare, and public settings.
• Industrial Adhesives and Abrasives: Specialized bonding solutions and high-performance abrasive products for manufacturing, automotive, and construction industries.
• Healthcare Solutions: Advanced medical and dental products, including wound care, surgical solutions, sterilization products, and dental restorative materials.

3M (symbol: MMM) is a highly diversified multinational conglomerate that primarily sells its products and solutions to other companies (B2B - Business-to-Business) across a vast array of industries. While 3M also offers many products directly to individual consumers (B2C) through retail channels, the direct customers for these products are typically the retailers themselves. Due to the extensive breadth of its product portfolio, 3M does not have a small number of "major customers" that represent a significant portion of its overall revenue. Instead, its customer base is spread across numerous companies within key industrial and commercial sectors.

Below are major categories of customer companies that 3M serves, along with examples of public companies that operate within these sectors and often utilize 3M's products:

• Industrial and Manufacturing Companies: 3M supplies a wide range of products, including adhesives, abrasives, safety equipment, sealants, and specialty materials, to manufacturers across various sectors for production, maintenance, and safety.
  • Automotive Manufacturers: Companies like Ford Motor Company (F) and General Motors Company (GM) utilize 3M products in vehicle assembly, repair, and detailing.
  • Aerospace Manufacturers: The Boeing Company (BA) is an example of an aerospace company that incorporates 3M materials for lightweighting, insulation, and safety in aircraft manufacturing and maintenance.
  • Construction and General Industrial Companies: A vast number of companies in construction, heavy machinery, and general manufacturing industries use 3M's industrial solutions for processes like grinding, cutting, bonding, and personal protection.
• Healthcare Providers and Medical Device Manufacturers: 3M provides medical solutions, oral care products, and health information systems to the healthcare industry globally.
  • Hospitals and Clinics: These institutions are direct purchasers of a wide array of 3M medical supplies, including surgical drapes, wound care products, sterilization equipment, and infection prevention solutions.
  • Dental Practices: Utilize 3M's extensive portfolio of dental materials, restoratives, and orthodontic solutions.
  • Pharmaceutical and Biotech Companies: Benefit from 3M's separation and purification sciences products, which are critical for drug discovery and manufacturing processes.
• Electronics Companies: 3M supplies advanced materials, display solutions, and electronic components to manufacturers in the electronics sector.
  • Consumer Electronics Manufacturers: Companies like Apple Inc. (AAPL) and other major electronics brands frequently incorporate 3M's specialized display films, adhesives, and insulation materials into their devices.
  • Semiconductor and Data Center Companies: Utilize 3M's specialized materials for manufacturing processes, thermal management, and data center infrastructure.
• Retailers and Distributors: For its extensive range of consumer products (e.g., Post-it Notes, Scotch tape, Command hooks, Filtrete filters, Nexcare bandages) and office supplies, 3M sells to major retail chains and e-commerce platforms.
  • Mass Merchandisers and Home Improvement Retailers: Such as Walmart Inc. (WMT), Target Corporation (TGT), The Home Depot, Inc. (HD), and Lowe's Companies, Inc. (LOW) are significant customers for 3M's consumer division, acting as channels to end consumers.
  • E-commerce Platforms: Amazon.com, Inc. (AMZN) serves as a crucial platform and direct customer for many of 3M's consumer and business-to-business products.
  • Office Supply Retailers: Large office supply chains purchase 3M's stationery and office products to sell to both businesses and individual consumers.

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William "Bill" Brown, Chairman and CEO

William "Bill" Brown became Chairman and CEO of 3M in May 2024. Prior to joining 3M, he served as Chairman and CEO of L3Harris Technologies. Before the merger that created L3Harris in 2019, Brown was the Chairman and CEO of Harris Corporation, which he joined in November 2011 as President and CEO. His career also includes 14 years at United Technologies, where he held various leadership roles. Brown holds bachelor's and master's degrees in mechanical engineering from Villanova University and an MBA from The Wharton School, University of Pennsylvania.

Anurag Maheshwari, Executive Vice President and Chief Financial Officer

Anurag Maheshwari was appointed Executive Vice President and Chief Financial Officer of 3M, effective September 1, 2024. He most recently served as Executive Vice President and Chief Financial Officer for Otis Worldwide Corporation. Before his time at Otis, Maheshwari was Vice President, Investor Relations, at Harris Corporation and then L3Harris from January 2017 to February 2020, during which time he led the company's interaction with the investor community and drove strategic investment planning and capital deployment. His career began as a consultant, followed by executive-level positions in strategy, business leadership, private equity, and finance at United Technologies, Affinity Equity Partners, and Harris Corporation. Maheshwari earned a master's degree in finance from the Asian Institute of Management and a bachelor's degree in economics from Bombay University.

John Banovetz, Executive Vice President, Chief Technology Officer and Environmental Responsibility

Dr. John Banovetz serves as Executive Vice President, Chief Technology Officer, and Environmental Responsibility for 3M. In this role, he oversees the company's research and development, environmental responsibility and sustainability efforts, and emerging growth venture investments. Banovetz joined 3M in 1995 as a research chemist. After a period at McKinsey & Company from 2003, he rejoined 3M in 2007 to manage corporate strategic initiatives. His prior roles at 3M include global business director for the Industrial Adhesives and Tapes Division, head of the Corporate Research Lab, and managing director for 3M's D-A-CH region (Germany, Austria, and Switzerland). He was appointed Chief Technology Officer in 2017, with environmental responsibility added to his role a few years later. From 2021 to 2024, Banovetz was a member of President Biden's Council of Advisors on Science and Technology.

Chris Goralski, Group President, Safety and Industrial Business Group

Chris Goralski is the Group President of 3M's Safety and Industrial Business Group. He started his career at 3M in 2005 in strategic business development. Before his current role, he led 3M's Industrial Adhesives and Tapes business and served as vice president of environmental stewardship, vice president of ERP deployment, and director of corporate strategy. Prior to joining 3M, Goralski held research, product development, and leadership positions at Syngas Technology, LLC, where he also served as CEO, The Ford Motor Company, and The Dow Chemical Company. He holds a BSE degree in chemical engineering from the University of Michigan, a PhD in chemical engineering, and an MBA from the University of Minnesota.

Karina Chavez, Group President, Consumer Business

Karina Chavez is the Group President of 3M's Consumer Business. She possesses extensive experience within 3M, including international roles and leadership in strategy and operations, with a particular focus on the consumer business portfolio. Most recently, Chavez held the position of Senior Vice President and Chief Strategy Officer at 3M.

The key risks to 3M (MMM) are primarily centered around significant product liability litigation:

1. PFAS "Forever Chemicals" Litigation: 3M faces substantial financial liabilities and ongoing legal battles related to per- and polyfluoroalkyl substances (PFAS), often referred to as "forever chemicals." The company has agreed to pay up to $12.5 billion to settle claims from public water systems across the United States for contamination with these chemicals. Beyond this, 3M continues to face lawsuits from individuals alleging personal injury and property damage, as well as from U.S. states seeking damages for natural resources affected by PFAS. 3M also set a deadline of 2025 to stop producing PFAS.
2. Combat Arms Earplugs Litigation: 3M has agreed to a $6.01 billion settlement to resolve lawsuits filed by military service members and veterans. These lawsuits alleged that 3M's Combat Arms Earplugs, Version 2 (CAEv2), were defective and caused hearing loss and tinnitus. While a significant portion of this settlement has been disbursed and over 99% of claimants have agreed, the payouts are ongoing through 2025, and there are still challenges related to insurance coverage disputes.

3M Company (NYSE: MMM) has recently undergone a significant portfolio transformation, spinning off its Health Care business into a new independent public company, Solventum Corporation, in April 2024. Consequently, 3M now primarily operates through three main business segments: Safety and Industrial, Transportation and Electronics, and Consumer.

Addressable Markets for 3M's Main Products and Services:

• Health Care (now Solventum Corporation): This spun-off entity serves a global addressable market valued at approximately $93 billion, with an expected growth rate of 4-6% through 2026. Solventum focuses on areas such as medical surgical, dental solutions, health information systems, and purification & filtration.
• Safety and Industrial: This segment encompasses products for worker safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules. The global industrial safety market, a component of this segment, was valued at $7.2 billion in 2024 and is projected to reach $12.3 billion by 2032, growing at a compound annual growth rate (CAGR) of 7.1% from 2025 to 2032.
• Transportation and Electronics: This segment serves global transportation and electronic original equipment manufacturer (OEM) customers with products including electronics (display materials and systems, electronic materials solutions), automotive and aerospace components, commercial solutions, advanced materials, and transportation safety. Specific global addressable market sizes for this entire diversified segment are not readily available as a single figure in the search results.
• Consumer: This segment caters to global consumers with products for home improvement, stationery and office supplies, home care, and consumer health care. Specific global addressable market sizes for this entire diversified segment are not readily available as a single figure in the search results.

For the public company 3M (symbol: MMM), several key drivers are expected to contribute to future revenue growth over the next two to three years:

1. Accelerated Innovation and New Product Launches: 3M is prioritizing innovation with significant investments in research and development, aiming to launch more than 1,000 new products over the next three years. This focus on new product introductions and a shorter development cycle is expected to drive top-line growth.
2. Enhanced Commercial Excellence: The company plans to invigorate revenue through commercial excellence initiatives. These efforts include improving customer service, optimizing distribution and sales channels, and better understanding customer needs to more effectively sell its diverse product portfolio.
3. Operational Efficiency and Productivity Gains: Through its "3M eXcellence operating system" and other operational excellence strategies, 3M aims to drive margin expansion and reduce costs. While primarily impacting profitability, improved operational efficiency can indirectly support revenue growth by enabling competitive pricing and freeing up capital for growth investments.
4. Strategic Focus on High-Growth Verticals: 3M intends to accelerate growth by concentrating investments and efforts on priority end markets and verticals. These include areas such as industrial manufacturing, semiconductor, electronics, safety, aerospace, automotive, data centers, and energy, where the company sees strong opportunities for market outperformance.