3M unveils robust ME expansion plans
Dubai, May 7, 2012
3M Gulf, a leader in research and development, has unveiled major expansion plans for the Middle East region, which is a key contributor to 3M's global sales and new technology development.
“Strategic geographical expansions, building local capability, business model innovation and leadership development across the Middle East region are key constituents of 3M’s strategy in the Middle East,” said Raghavan Manohar, area leader - Strategic Planning, M&A and Marketing Excellence, MEA.
“3M Gulf is working towards expanding its presence in Saudi Arabia, Qatar and select African countries. This is in addition to elevating our supply chain capability for the Mena region.'
He added: “With increased government investment across key sectors including infrastructure, healthcare, safety and communication, the Middle East and Africa region presents a phenomenal growth opportunity for 3M. The key to success will be the prioritization of these opportunities and making strategic investments that will position 3M as the market leaders.”
Meanwhile, 3M has reported record first-quarter sales of $7.5 billion, up 2.4 per cent year-on-year. Earnings were $1.59 per share, an increase of 6.7 per cent versus the first quarter of 2011, and operating margins for the quarter were 21.8 per cent.
First-quarter organic local-currency sales grew 1.8 per cent, acquisitions added 1.5 per cent to sales and foreign exchange impacts reduced sales by 0.9 per cent.
On a segment basis, sales increased 8.6 per cent in Industrial and Transportation, 5.5 per cent in Safety, Security and Protection Services, 4.3 per cent in Consumer and Office and 2.0 per cent in Health Care.
Sales declined 3.4 per cent in Electro and Communications and 11.8 per cent in Display and Graphics, both impacted by the consumer electronics industry. On a geographic basis, sales grew 8.4 per cent in Latin America/Canada, 6.3 percent in the US and 0.1 per cent in Europe. Sales declined 1.9 per cent in Asia Pacific.
First-quarter net income rose 4.0 percent year-on-year to over $1.1 billion and earnings were $1.59 per share, an increase of 6.7 percent versus last year’s first quarter.
“We are off to a very good start in 2012 with record first-quarter sales and strong earnings,” said Inge G Thulin, 3M president and chief executive officer. “3M employees everywhere did an outstanding job of managing in a challenging environment for growth.”
“Looking ahead, we will keep driving operational excellence to fund ongoing investments in innovation, commercialization and manufacturing. I am very confident in our ability to improve every aspect of our company and to keep delivering high-quality results into the future,” he concluded. – TradeArabia News Service
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