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3M Q1 Income Soars, Nonwovens Acquisition Announced

May 2, 2007

3M, Minneapolis, MN, posted a 52% jump in first-quarter net income to $1.37 billion compared with $899 million a year earlier.
Revenue rose 6.1% to $5.9 billion. Excluding the divestiture, revenue would have risen nearly 10%.

In a statement, chairman and chief executive George Buckley said, "Our strategy for achieving higher growth while maintaining superior financial returns is working well, as evidenced by this quarter's broad-based growth and profitability."

In one of 3M’s latest moves, the company plans to enter the market for flexible insulation materials—which are used for electrical insulation and thermal transfer applications—via two transactions. 3M will buy the business of Innovative Paper Technologies LLC, a maker of inorganic-based technical papers, boards and laminates. 3M will also acquire the business of Powell LLC, a supplier of nonwoven polyester mats. Terms of the deals were not disclosed.


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