Retooling for sustained business growth

3M to cash in on emerging opportunities, boost innovation to ensure success, says top official

Two technicians working at 3M China's Jinshan Plant in Shanghai. Sales of 3M Corp are expected to grow by 10 to 15 percent each year in the next five years in China.[Provided to China Daily]

Inge Thulin, chairman of the board, president and chief executive officer of 3M Corp, a diversified manufacturer, said he believes that teamwork, innovation and being relevant to customers are the key drivers for success in China.

Thulin said that when most people think of 3M, they think of Scotch tape and Post-it Notes. But the reality is that 3M is so much more than that. It is an epicenter of innovation with diversified businesses all over the world. Its products range from healthcare and safety to electronics, energy and graphics, he said.

The diversified industrial conglomerate recently set up a new customer technical center in Chengdu, Sichuan province, and said it would step up investment in the country.

Despite the long flight of more than 15 hours from St Paul, Minnesota, in the United States to Chengdu, Thulin, a native of Sweden, was extremely focused and clear on his company's plans in China when he spoke to China Daily.

According to Thulin, 3M is gearing up to capitalize on the growing demand for healthcare and consumer products such as respirators and water purifiers due to the rising levels of air and water pollution and food safety issues in China. At the same time, the company will pursue growth avenues in all of its other businesses.

The company makes a wide range of products used in thousands of industrial and consumer applications, including manufacturing and repair of cars and aircraft, medical dressings that help wounds heal faster, reflective materials that make roadways safer and biometrics that help reunite families in tumultuous refugee camps.

Impressive results

"When something like air pollution happens, we don't consider it a great opportunity. Instead, our efforts are focused on finding a solution and preventing it. This is what we mean by being relevant to customers and something that we will pursue with great zeal in China," said Thulin.

Last year, 3M turned in impressive results. Its net income surged to about $5 billion, while net profit in the fourth quarter rose by 6.9 percent over the corresponding period a year ago, despite a global economic slowdown.

Thulin, however, said that 3M's success is a combination of good execution of the company objectives and the employees' full understanding of the objectives, visions and operations.

"3M has been very close to the market and customers. We have a good rhythm and we can be even better," he said. "I am pleased but not happy. It was a good year, but many more will come."