ST. PAUL, Minn.--(Business Wire)--
3M continues to inspire and encourage innovation and creativity to
accelerate growth and deliver excellent financial results, 3M
chairman, president and CEO George W. Buckley told stockholders today
at the company's annual meeting in St. Paul.
"The people of 3M are once again driving innovation through their
energy and imagination," Buckley said. "At its core, 3M remains an
idea company that prospers best when we commit ourselves to invest in
ideas, technology development and new products."
Buckley cited increased investments in research and development -
up more than 11 percent in 2007 - and the steady increase in the
introduction of new products - up by about four percent in the last
two years - as examples of 3M's commitment to innovation. Contributing
to the overall growth strategy is the company's focus on growing its
core by building broader and better capability with complementary
acquisitions, by capitalizing on emerging business opportunities in
adjacent spaces, and by continuing to drive international growth.
3M continues to invest resources and energy in new product
platforms like the aluminum composite conductor, which has the
potential to significantly change the way electricity is distributed;
and a new mobile projection engine, which can be integrated into
virtually any personal mobile device or used as a stand-alone product.
"3M's emerging technology portfolio is expanding into areas that
will touch innumerable lives around the world," Buckley said. "I
remain incredibly optimistic about our future prospects and about the
long-term health of 3M."
Shareholder Voting Results
3M shareholders elected the following ten directors to the
company's Board of Directors for one-year terms expiring in 2009:
-- Linda G. Alvarado, president and CEO, Alvarado Construction,
Inc.
-- George W. Buckley, chairman, president and CEO, 3M
-- Vance D. Coffman, retired chairman and CEO, Lockheed Martin
Corp.
-- Michael L. Eskew, retired chairman and CEO, United Parcel
Service, Inc.
-- W. James Farrell, retired chairman and CEO, Illinois Tool
Works, Inc.
-- Herbert L. Henkel, chairman, president and CEO, Ingersoll-Rand
Company Ltd.
-- Edward M. Liddy, retired chairman and former CEO, The Allstate
Corp., and partner, Clayton, Dubilier & Rice Inc.
-- Robert S. Morrison, retired vice chairman, PepsiCo, Inc. and
former interim chairman and CEO, 3M
-- Aulana L. Peters, retired partner, Gibson, Dunn & Crutcher LLP
-- Robert J. Ulrich, chairman and former CEO, Target Corp.
Rozanne L. Ridgway, former assistant Secretary of State for Europe
and Canada, retired from 3M's Board of Directors. She served on the
board since 1989.
Shareholders ratified the appointment of PricewaterhouseCoopers
LLP as 3M's independent registered public accounting firm for 2008.
Shareholders approved the adoption of the 2008 3M Long-Term
Incentive Plan.
Forward-Looking Statements
This news release contains forward-looking information (within the
meaning of the Private Securities Litigation Reform Act of 1995) about
the company's financial results and estimates, business prospects, and
products under development that involve substantial risks and
uncertainties. You can identify these statements by the use of words
such as "anticipate," "estimate," "expect," "project," "intend,"
"plan," "believe," "will," and other words and terms of similar
meaning in connection with any discussion of future operating or
financial performance. Among the factors that could cause actual
results to differ materially are the following: (1) worldwide economic
conditions; (2) competitive conditions and customer preferences; (3)
foreign currency exchange rates and fluctuations in those rates; (4)
the timing and acceptance of new product offerings; (5) the
availability and cost of purchased components, compounds, raw
materials and energy (including oil and natural gas and their
derivatives) due to shortages, increased demand or supply
interruptions (including those caused by natural and other disasters
and other events); (6) the impact of acquisitions, strategic
alliances, divestitures, and other unusual events resulting from
portfolio management actions and other evolving business strategies,
and possible organizational restructuring; (7) generating fewer
productivity improvements than estimated; and (8) legal proceedings,
including significant developments that could occur in the legal and
regulatory proceedings described in the company's Annual Report on
Form 10-K for the year ended Dec. 31, 2007 and its subsequent
Quarterly Report on Form 10-Q (the "Reports"). Changes in such
assumptions or factors could produce significantly different results.
A further description of these factors is located in the Reports under
"Risk Factors" in Part I, Item 1A (Annual Report) and in Part II, Item
1A (Quarterly Report). The information contained in this news release
is as of the date indicated. The company assumes no obligation to
update any forward-looking statements contained in this news release
as a result of new information or future events or developments.
About 3M
A recognized leader in research and development, 3M produces
thousands of innovative products for dozens of diverse markets. 3M's
core strength is applying its more than 40 distinct technology
platforms - often in combination - to a wide array of customer needs.
With $24 billion in sales, 3M employs 75,000 people worldwide and has
operations in more than 60 countries.
3M
Media Contacts:
Jacqueline Berry, 651-733-3611
or
Donna Fleming Runyon, 651-736-7646
or
Investor Contacts:
Matt Ginter, 651-733-8206
or
Bruce Jermeland, 651-733-1807
Copyright Business Wire 2008
