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UPDATE 1-3M still working on Avery-Dennison deal, CFO says
* 3M aims to address U.S. antitrust concerns over deal
* CEO Thulin sees "fewer, but slightly bigger" acquisitions
* Company's 7-8 percent organic growth a "stretch target"
Sept 19 (Reuters) - 3M Co is working to address objections by the U.S. Department of Justice over the diversified manufacturer's planned $550 million acquisition of Avery-Dennison Corp 's office products group, the chief financial officer said on Wednesday.
"We have a contract that remains in place at the present time and we are reviewing the situation," CFO David Meline told investors.
The Justice Department threatened a lawsuit to block the deal over antitrust concerns on Sept. 4.
Chief Executive Inge Thulin, who in February took the top job at the maker of Post-It notes and films for television screens, said under his tenure the company would aim to do "maybe fewer, but slightly bigger" acquisitions than it has in the past.
Thulin added that the St. Paul, Minnesota-based company's long-term goal f or organic revenue g rowth a t 7 percent to 8 percent annually - ad opted by his predecessor George Buckley - wa s set at a time of stronger global economic growth but remained an achievable "stretch target."
"Seven to eight is a type of stretch target, but I think the economic environmental has changed relative to how achievable that is," Thulin said.
3M shares were down 1 percent at $92.50 in premarket trading, from a $93.43 close on the New York Stock Exchange.
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