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3M’s Fourth Quarter Sales Total $6.7 billion

February 1, 2011

3M fourth quarter sales rise 9.6%

3M’s fourth quarter sales were $6.7 billion, up 9.6% compared to the fourth quarter of 2009. Quarterly organic sales volumes increased in all six of 3M’s businesses, led by a 19.8% increase in the Electro and Communications business and a 14.7% increase in Display and Graphics.

In 3M’s Health Care business, fourth quarter sales were $1.2 billion, up 5.9% compared to the fourth quarter of 2009. Local-currency sales including acquisitions increased 4.3%. Sales in local currencies grew at a double digit rate in infection prevention solutions and also drove positive local currency sales in health information systems, skin and wound care, drug delivery and food safety. Local-currency sales rose slightly in oral care.
Health Care business operating income in the fourth quarter was $347 million, with margins at 29%.

In the Industrial and Transportation sector, fourth quarter sales climbed 10.4% to $2.1 billion in local currency. Double-digit local-currency sales growth was reported in abrasive systems, automotive OEM, energy/advanced materials and aerospace.

For the full year, 3M’s sales were $26.7 billion.“3M made great progress in 2010 as we achieved record sales and earnings per share for the year, and made significant investments to improve long-term growth,” said George Buckley, 3M chairman, president and CEO. “For example, our research and development investments of $1.4 billion fueled innovation and drove new product sales as a percent of total to 31%. We also accelerated sales and marketing investments in high-growth markets to help secure future growth. Overall, I could not be more proud of the 3M team for their effort in 2010.”
 
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