Nov 8 Diversified U.S. manufacturer 3M Co
aims to grow earnings per share at a 9 percent to 11
percent average annual rate from 2013 through 2017, Chief
Executive Inge Thulin told investors on Thursday.
The maker of products ranging from Post-It notes to films
used in electronics expects organic revenue - a measure that
excludes the effects of acquisitions, divestitures and currency
fluctuations - to grow by 4 percent to 6 percent over the next
To hit its growth targets, 3M plans both to make
acquisitions and to sell or repair weaker-performing parts of
the company, Thulin said. He noted that 3M has identified
operations that generate about $2.5 billion in annual revenue -
roughly 8 percent of the corporate total - that are neither
financially nor strategically attractive.
"They will not stay in that position," Thulin told an
investor meeting that was monitored over the Internet. "You will
see much more active portfolio management from us as a team as
we move ahead."
Thulin declined to identify the unattractive businesses.
The company expects to generate 40 to 45 percent of its
sales in developing markets, including Latin America and China,
by 2017, up from 35 percent at present.
3M shares were down 16 cents, or less than 1 percent, at
$89.22 in early trading on the New York Stock Exchange.