Here are 1-3 brief analogies for 3M:

• Like a more diversified Honeywell, known for both industrial solutions and popular consumer products like Post-it Notes.
• The modern-day DuPont, a materials science powerhouse whose innovations are woven into countless products, from medical equipment to car parts.

• Post-it Notes: Repositionable adhesive notes for reminders, organization, and communication.
• Scotch Brand Tapes: A wide range of adhesive tapes for home, office, industrial, and crafting applications.
• Scotch-Brite Cleaning Products: Sponges, scrubbers, and other cleaning tools for household, commercial, and industrial use.
• Command Brand Adhesives: Damage-free hanging solutions for organizing and decorating without nails or screws.
• Personal Protective Equipment (PPE): Products like respirators, safety eyewear, and hearing protection for workplace and personal safety.
• Abrasives: Materials for grinding, sanding, and polishing in manufacturing, automotive, and consumer applications.
• Medical & Dental Products: Solutions for wound care, sterilization, dental restoration, orthodontics, and healthcare IT.
• Traffic Safety & Security Products: Reflective sheeting, pavement markings, and license plate films for road safety and security.
• Industrial Adhesives & Tapes: High-performance bonding solutions for manufacturing, construction, and electronics industries.

• Industrial and Automotive Manufacturers: These companies incorporate 3M's adhesives, abrasives, sealants, films, filtration products, and other specialized materials into their own manufacturing processes or finished products.
  • Examples of companies in these industries that are likely customers (though not disclosed as "major" by 3M):
    • General Motors (GM)
    • Ford Motor Company (F)
    • Boeing (BA)
    • Apple Inc. (AAPL) - for electronics components
• Healthcare Systems and Medical Device Manufacturers: Hospitals, clinics, dental practices, and other healthcare providers, as well as companies that manufacture medical devices, are major customers for 3M's healthcare solutions, including medical tapes, dressings, stethoscopes (Littmann brand), infection prevention products, and dental and orthodontic materials.
  • Examples of companies in this sector that are likely customers:
    • Johnson & Johnson (JNJ)
    • Medtronic plc (MDT)
• Retailers and Wholesale Distributors: For its wide array of consumer and commercial products, 3M sells to large retail chains (e.g., general merchandise, home improvement, office supply stores) and wholesale distributors globally. These companies then resell 3M's products to end-users (individuals and businesses).
  • Examples of companies in this sector that are major distribution partners:
    • Walmart Inc. (WMT)
    • The Home Depot, Inc. (HD)
    • Amazon.com, Inc. (AMZN)
    • Office Depot, Inc. (ODP)

William M. "Bill" Brown, Chairman and CEO

Mr. Brown was appointed CEO of 3M effective May 1, 2024. He previously served as Chairman and CEO of L3Harris Technologies, a global innovator in aerospace and defense technology solutions. Prior to the merger that formed L3Harris, he was Chairman, President, and CEO of Harris Corporation. He also spent 14 years in various leadership roles at United Technologies Corporation (UTC).

Anurag Maheshwari, Executive Vice President and Chief Financial Officer

Mr. Maheshwari's appointment is effective September 1, 2024. Before joining 3M, he served as Executive Vice President and Chief Financial Officer for Otis Worldwide Corporation. His career also includes roles as Vice President, Investor Relations, at Harris and then L3Harris, and executive-level positions in strategy, business leadership, private equity, and finance at United Technologies and Affinity Equity Partners.

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

Dr. Banovetz joined 3M in 1995 as a research chemist. Over his career, he has held various positions, including global business director for 3M’s Industrial Adhesives and Tapes Division, head of 3M’s Corporate Research Lab, and managing director for 3M’s operations in Germany, Austria, and Switzerland. He was appointed CTO and Senior Vice President of Research and Development in 2017, with environmental responsibility added later.

Zoe Dickson, Executive Vice President, Chief Human Resources Officer

Ms. Dickson joined 3M in 1998 and has held various human resources leadership roles across the company's businesses and geographical regions, including senior vice president of talent, learning and insights. She has lived and worked in Asia Pacific, Europe, and the United States.

Mark Murphy, Executive Vice President, Chief Information and Digital Officer

Mr. Murphy joined 3M in October 2021 to lead the company's digital transformation efforts. Prior to 3M, he served as Chief Information Officer for Abbott Laboratories, responsible for global technology. He also spent over 15 years at St. Jude Medical Inc., where he was Chief Information Officer and led the company's SAP transformation.

The accelerated global regulatory phase-out and increasing market restrictions on Per- and Polyfluoroalkyl Substances (PFAS) represent a clear emerging threat to 3M. While 3M has committed to exiting all PFAS manufacturing by the end of 2025, the evolving regulatory landscape poses significant risks to its existing product lines, its customers' products, and its global market access.

Evidence for this emerging threat includes:

• The European Chemicals Agency (ECHA) has proposed a universal ban on all PFAS, which could have a far-reaching impact across numerous industries that utilize these chemicals, affecting products where 3M's materials are used or which are manufactured using PFAS processes.
• A growing number of U.S. states are enacting stricter laws regarding PFAS in consumer products, industrial discharges, and drinking water, creating a patchwork of complex compliance challenges and potential market access restrictions.
• Increased public awareness and consumer demand for "PFAS-free" products are driving rapid market shifts and forcing companies to reformulate or discontinue products, even those that contain trace amounts of PFAS or were previously considered safe.
• Ongoing scientific research continues to identify new health and environmental concerns for a broader range of PFAS substances, continually expanding the scope of chemicals targeted by regulators and advocacy groups.

This trend could force costly reformulations, necessitate the discontinuation of profitable product lines, or lead to a loss of market share if alternative materials or processes are not developed quickly or if competitors gain an advantage in "PFAS-free" solutions. It represents a systemic shift in the regulatory and market environment for a broad range of materials and products across 3M's diverse portfolio.

For the public company 3M (MMM), the addressable market for its main products and services is as follows:

• Healthcare Business (now Solventum Corporation): This business, which was spun off from 3M in April 2024, serves a global addressable market worth approximately $93 billion. This market is expected to grow in the range of 4-6% through 2026.
• Safety and Industrial: null
• Transportation and Electronics: null
• Consumer: null

3M (MMM) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives and market focus areas:

1. Accelerated Innovation and New Product Launches: 3M is placing a significant emphasis on rejuvenating its research and development (R&D) operations and increasing new product introductions (NPIs). The company launched 70 new products in Q3 2025, contributing to 196 year-to-date, and expects to exceed 250 new product launches for the full year 2025. Sales from products launched in the last five years were up 30% in Q3 and 16% year-to-date. This focus on innovation is a core component of its long-term value creation model and is expected to drive top-line growth.
2. Strategic Investments in High-Growth Priority Verticals: 3M is directing investments towards attractive and high-growth markets. These priority verticals include aerospace, electronics, automotive, data centers, energy, industrial manufacturing, semiconductor, and safety. By strengthening its capabilities and presence in these key sectors, 3M aims to achieve impressive sales growth.
3. Operational and Commercial Excellence Initiatives: The company is implementing its "3M Excellence" operating model, focusing on digital transformation, automation, and commercial excellence efforts. These initiatives are designed to improve operational performance, better understand customer needs, develop differentiated products efficiently, and enhance the selling of existing products. Improved on-time and full delivery metrics also contribute to commercial excellence.
4. Active Portfolio Management: 3M is strategically reviewing and reinventing its business portfolio. This includes evaluating future acquisitions and divestments to optimize its business mix and shed slower-growth, non-core segments. Such disciplined portfolio management is expected to revitalize organic growth and enhance shareholder value.
5. Targeted Above-Market Organic Sales Growth: 3M's forward guidance indicates a commitment to achieving consistent organic sales growth that outpaces macroeconomic trends. The company anticipates organic revenue growth in the range of 2-3% for 2025, and plans to achieve above-market organic sales growth in both 2026 and 2027. This overall growth is underpinned by the aforementioned strategic priorities and operational improvements.

Share Repurchases

• 3M's Board of Directors authorized a new share repurchase program of up to $7.5 billion in February 2025, replacing the previous program, with no pre-established end date.
• The company repurchased $1.801 billion of its stock in 2024, $33 million in 2023, and $1.464 billion in 2022.
• 3M expects to make $1.5 billion in share repurchases in 2025.

Share Issuance

• Proceeds from the issuance of treasury stock related to stock option and benefit plans were $92 million in 2024, $264 million in 2023, and $381 million in 2022.
• In April 2024, 3M completed the spin-off of its Health Care business, Solventum Corporation, which involved the distribution of Solventum common stock to 3M shareholders, with 3M initially retaining up to 19.9% of the outstanding shares.

Outbound Investments

• 3M completed the sale of substantially all of its drug delivery business to an affiliate of Altaris Capital Partners, LLC, for approximately $650 million in total consideration in May 2020.
• The company sold its advanced ballistic-protection business in 2020.
• 3M completed the spin-off of its Health Care business, Solventum Corporation, in April 2024.

Capital Expenditures

• Capital expenditures totaled $1.181 billion in 2024, $1.615 billion in 2023, and $1.749 billion in 2022.
• Expected capital expenditures for 2025 are projected to be approximately $1.0 billion to $1.1 billion.
• The primary focus of capital expenditures includes automation, safety, sustainability, and upgrades for research and development facilities to accelerate new product development.