3M company ,acronym for Minnesota Mining and Manufacturing company, the 3M Company is an American multinational conglomerate corporation operating in the fields of industry, worker safety, health care, and consumer goods.
With over 79,000 employees, they produce over 55,000 products, including: adhesives, abrasives, laminates, passive fire protection, dental products, electronic materials, medical products, Car care products(like sun films, polish, wax, car shampoo,treatment for the exterior, interior and the under chassis rust protection) electronic circuits and optical films.
The History of 3M
Five businessmen founded the Minnesota Mining and Manufacturing Company as a mining venture in Two Harbors, Minnesota, in 1902. The goal was to mine corundum, but this failed because the mine’s mineral holdings were anorthosite, which had no commercial value. Co-founder John Dwan solicited funds in exchange for stock and Edgar Ober and Lucius Ordway took over the company in 1905. The company moved to Duluth and began researching and producing sandpaper products. William L. McKnight, later a key executive, joined the company in 1907, and A. G. Bush joined in 1909. 3M finally became financially stable in 1916 and was able to pay dividends.
The company moved to St. Paul in 1910, where it remained for 52 years before outgrowing the campus and moving to its current headquarters at 3M Center in Maplewood, Minnesota in 1962.
Nowadays, 3M has operations in more than 60 countries – 29 international companies with manufacturing operations, and 35 with laboratories. 3M products are available for purchase through distributors and retailers in more than 200 countries, and many 3M products are available online directly from the company.
3M products are sold through numerous distribution channels, including directly to users and through numerous wholesalers, retailers, jobbers, distributors and dealers in a wide variety of trades in many countries around the world. Management believes the confidence of wholesalers, retailers, jobbers, distributors and dealers in 3M and its products — a confidence developed through long association with skilled marketing and sales representatives — has contributed significantly to 3M’s position in the marketplace and to its growth. 3M has 157 sales offices worldwide, with nine in the United States and 148 internationally.
3M has established many overseas subsidiaries, which is responsible for management of local marketing, and procurement of raw material. Take asian market as an example, 3M launched their sub-company in Singapore many years ago, in order to conduct Asia Pacific area business, until now , the Asia Pacific market devoted almost 25-30 % margin profit to 3M sales performance, and approximate 70% in entire overseas sales performance for 3M.
In addition, their factory was established in Jiangxu Province China, where located in a clusters of manufacturing and raw material exporting area.