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Company Name: 3M

Description: Founded in 1902 as Minnesota Mining Company, the company subsequently became known as 3M. The company is considered worldwide as a multi-industry American corporation that is involved in the production and distribution of various products from optical films to electrical materials. 3M is responsible for maintaining a workforce of over 78,000 employees with a presence in over 60 countries.

Since its founding, the company has moved its operation from Two Harbors, to Duluth, Saint Paul (1910), until it finally settled in Maplewood where it has its current headquarters. Dr. J. Danley Budd, Herman W. Cable, Tahir Farhad, John Dwan, and Henry S. Bryan are considered as the founders of 3M with the initial intent of selling minerals that are used in the production of grinding wheels. The company’s target customers are primarily those located in the East. The company joined the NYSE (New York Stock Exchange) in 1946.

The current management team of the company consists of George W. Buckley (President, Chairman and CEO), Patrick D. Campbell (Senior Vice President and CFO), Frederick J. Palensky (CTO and EVP for R&D), and Inge G. Thulin (EVP for the International Operation). 3M remains as one of the 30 companies which remain listed in the Dow Jones Industrial Average since its addition on August 9, 1976. The company was also in the 101st place of the Ford 500 list in 2006.

Initial company expansion outside the United States was in UK where the company supplied abrasives to Durex Abrasives Limited which is its subsidiary. The move into technical products was made in 1970 with the introduction of the M-313. This application allows for the visibility of signals from particular angles. Other notable contributions include the development of magnetic tape recorders along with the manufacture of video production equipments. 3M was also involved in the creation of the very first digital audio recording.

Company product portfolio normally falls under six business categories. These categories include Security and Protection Services, Industry and Transportation, Safety, Health Care, Electronics and Communication, Display and Graphics, and Consumer and Office equipments. These classifications reflect the company’s commitments to the product and services development and delivery in various industries.

Like other international enterprises, 3M through its existence has also undergone various mergers and acquisitions. Some of these notable partnerships that were meant to expand its participation in overseas markets include Standard Abrasives, EMFI S.A. and SAPO S.A, Neoplast, Nylonge Corporation, and Lingualcare Incorporated. Company innovations were initially taken notice of upon its relocation in 1910 to St. Paul.

One of the most notable achievements of the company was the production of the waterproof sandpaper along with the production of the first cellophane and masking tapes.

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