3M: PrOfile Of An Innovating CompAny

3M: PrOfile Of An Innovating CompAny

3M Company Profile

 Founded in 1902
 Headquarters : St. Pauls, MN, USA
 2007 information:
Sales: $24.5 billion
R&D abd Related Expenditure: $1.4 billion
Employees: 76,000
 3M is one of 30 companies in the Dow Jones Industrial Average

3M as a company that has achieved a leading position primarily by the way it has nurtured its workforce and given creative researchers the space they need to develop new products and to find ways to innovate and market existing products. The writer notes however, that more recently, the company has encountered a period of slow growth and needs to correct the problem.

The 3M company (Minnesota Mining and Manufacturing) has a history extending back to 1902 The 3M company (Minnesota Mining and Manufacturing) has a history extending back to 1902, and it has achieved a leading position primarily by the way it has nurtured its workforce and given creative researchers the space they need to develop new products and to find ways to innovate and market existing products. More recently, however, the company has encountered a period of slow growth, and the new CEO knew that the company had difficulty managing its thousands of products, some that could be traced to the decision in 1960 to create divisions as part of a "grow and divide" philosophy. The corporate structure grew over time, with various divisions created in the company and also divides between different parts of the company, and now it is necessary to develop a more cohesive plan and perhaps a more cohesive structure in order to put that plan into motion.

3M Milestones

 1902 – Minnesota Mining Manufacturing (3M) was founded
 1916 – The company has turned a profit under William L McKnight initiative as a sales manager, and become 3M’s President from 1929-1949
 1925 – Started a diversification of product
 1930 – Lounched “Scotch” ™
 1944 – 1948 – McKnight reorganized 3M into seven division
 1960 – the company...