Company Overview

For 3M Company (it changed its name from Minnesota Mining and Manufacturing Company in 2002), the chain of innovation began with its invention of the world's first waterproof sandpaper in 1920. Building on its experience of making grit stick to make sandpaper, the company developed a wide range of adhesive products, including Scotch Cellophane Tape, Post-It Notes, and asphalt roofing shingles.

Today, 3M sells its 50,000-plus products in five operating segments: industrial and transportation (advanced adhesives, tapes, and abrasives); graphics and display (reflective materials and optical films); safely, security, and protection; consumer and office (tape); electro and communications (insulating products). More than 60 percent of 3M's sales come from overseas markets; the company's operations are based in nearly 90 nations and its products are sold in more than 200 countries.

The company has changed strategies in recent years. In the past, it grew by introducing new products and improving others. But in 2005, 3M decided to become more acquisitive. In late 2007, it purchased protection products maker Aearo Technologies for $1.2 billion. Other acquisitions included Diamond Productions, Inifam, Lingualcare and Bondo Corp. In 2006, it acquired SCC Products and JJ Converting. The same year, on a different note, 3M broke up its pharmaceutical unit, selling the parts to different companies in North America, Europe and Australia.