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3M WORLDWIDE Auditing a Diversified, International Corporation.

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Presentation on theme: "3M WORLDWIDE Auditing a Diversified, International Corporation."— Presentation transcript:

1 3M WORLDWIDE Auditing a Diversified, International Corporation

2 Presentation Outline  Overview of the company  Core values  Business Units  Former/Current Global Strategy  Concerns/Benefits  Asia Pacific  Questions

3 3M Overview  Founded in 1902 as Minnesota Mining and Manufacturing Company.  Started Mining Mineral Deposits  About 55K of products  Currently they have worldwide sales of 23 billion dollars with about 75K employees worldwide.  Operations in more than 65 countries and have operations in 28 states in the US.

4 3M Overview (cont)  567 US Patents  Organized into six business - Consumer and Office - Display and Graphics - Electro and Communication - Health Care - Industrial and Transportation - Safety, Security and Protection Services

5 Core Values  Act with uncompromising honesty and integrity in everything we do.  Satisfy our customers with innovative technology and superior quality, value and service.  Provide our investors an attractive return through sustainable, global growth.  Respect our social and physical environment around the world.  Value and develop our employee’s diverse talents, initiative and leadership.  Earn the admiration of all those associated with 3M Worldwide.

6 Consumer and Office  This business segment includes produces for consumer and office retail, education, home improvement, building maintenance and food service  Examples  Post-it Note Pad, Flags and Labels  Scotch Glue and Tape  3M Pet care Pet Hair Removers

7 Display and Graphics  This business segment includes produces for electronic display, touch screen, traffic safety and commercial graphics  Examples  3M Desktop LCD Filters  3M Overhead Projector

8 Electro and Communications  This business segment includes produces for electronic and electrical equipment and the construction of electric equipment and telecommunication  Example  Electronics Assembly

9 Health Care  This business segment includes medical, surgical, pharmaceutical, dental, health information systems and personal care  Examples  3M Littmann Stethoscope  3M Wound Cleanser  3M Nexcare Reusable Cold/Hot Pack

10 Industry and Transportation  This business segment automotive and marine care, aerospace, appliances, electronics and paper and packaging  Examples  Scotch Box Sealing Tape  3M VHB Window Tapes  Scotchgard Paint Protection Film

11 Safety, Security and Protection  This business segment includes produces for safety, security and productivity of workers, facilities and systems  3M Tamper indicating products  3M Hard Hat  3M Protective Eyeware

12 Former/Current Global Strategy  Gradually Penetrated  Partnership only  Simple Produces only  Lasted until around the 70’s.  Big Bet - 3M Manufacturing plant in Singapore  Built market shares  Gain Product Loyalty  Specific mix of Products Former Strategy Current Strategy

13 3M Concerns for a new market  Governmental Bias  Import Restrictions  Need Special Permit or Franchises  Cartels  Large enough Market?  Lack of distribution Centers  Already established brand names  Protections of 3M Patents, Copyrights and Trademarks.  Personal Safety of employees

14 Benefits for entering a new market  Increase international sales  Reduce currency exposure  Lower shipping cost  Design products tailored to a specific market  Gain market shares

15 Relative Sales by Region (2003)

16 Relative Profits by Region 2003

17 Asia Pacific

18 Questions 1) What year was 3M founded A) 1900 B) 1902 C) 1910 2) What international regions did 3M focus on A) Latin America/Africa/Canada B) Europe and the Middle East C) Asia Pacific 3) What is a benefit for entering a new international market A) To gain international tax benefits B) Better market shares C) To go on vacation

19 Answers  1) B  2) C  3) B

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