March 18 (Reuters) - Diversified manufacturer 3M Co expects its sales in China to grow three times faster than its total revenue, driven by demand for health and consumer products such as face masks and water filters, Bloomberg reported.
The company, whose products include Post-it notes and film for flat-panel televisions, is targeting annual sales growth of about 15 percent in China over the next five years, compared with global growth of four to six percent, Bloomberg quoted 3M Chief Executive Inge Thulin as saying. ()
“We have capitalized on infrastructure and manufacturing and now we are on safety, consumer and health care,” Thulin said in a March 13 interview.
3M is capitalizing on China’s push to increase the role of consumption in driving economic expansion as rising levels of pollution and higher labor costs force the country to reduce its reliance on exports, investment and manufacturing for growth, the report said.
China is to “declare war” on pollution, with the government unveiling detailed measures to tackle what has become a hot-button social issue. Last month, the government said it would spend 2 trillion yuan ($330 billion) on tackling pollution of scarce water resources.
St. Paul, Minnesota-based 3M could not be reached for comment by Reuters outside regular U.S. business hours.