3M: 117 years old Company 3M is the new name of the Minnesota company, Mining and Manufacturing Company. The company was founded in 1902. The company changed its name in 2002. The company has established its market in more than 200 countries around the world. 3M is headquartered in Minnesota, USA. 3M is a multinational company focusing on the production of over 60,000 products under several world -renowned brands, including adhesives, fire protection personal protective equipment, window films, paint protective films, dental and orthodontic products, electronic connectors and insulation materials, medical products, car care products, electronic circuits, healthcare software, optical films and more. 3M received recognition as one of the ten most innovative companies in the world, ranked # 3 by Strategy and Price Coopers Waterhouse. A report from Newsweek Global Green Rankings ranked 3M as the greenest companies in the world. In the industrial category, 3M ranks 16th among companies in the United States and 21st worldwide. As of 2019, 3M companies have taken over 76 companies. In July 2018, Mike Roman became the new CEO of 3M. In 2019 3M bought medical company, Acelity Inc. with a price tag of $ 6.7 billion which is the largest purchase in the 117 -year history of the 3M company. Information on 3M companies . 3Mhas structures and systems that encourage innovation: a) Business Capital (Seed capital): Creators can request capital from unit managers to start their business. b) New company formation: Product creators must recruit their own team However, if the product fails, all such employees are guaranteed prior employment c) Dual Career Ladder: Scientists can continue to move up the career ladder without becoming a manager. As a result, 3M does not lose good scientists and engineers just to get weak managers, which is a common problem in the manufacturing sector. . The 3M company has more than 90 000 employees (over 8,000 scientists) in more than 70 countries with annual sales in excess of $ 30 billion dollars. As of 2012 the 3M company had spent $ 4.8 billion dollars and acquired 70 businesses at an average cost of $ 69 million dollars The top 10 competitors in the 3M competition set are GE, Danaher, Tyco, Carlisle, BD, Philips, Nihon Kohden, TE Connectivity, Avery Dermison and Johnson Electric. In 201 1 Quanta Computer Inc. based in Taiwan, one of the world's largest notebook PC makers, has signed an agreement with 3M to set up a joint venture for the production of touch panels . In 2014, 3M acquired its 100,000th patent and to date 3M holds more than 109,000 patents. In 2015, 33 percent of 3M's sales came from products that had been launched in the past five years and they spent $ 3 billion dollars in a) R&D and capital expenditure (Annual Report, 2015).b) In August 2015, 3M completed the acquisition of Capital Safety, a leading provider of fall protection equipment and the Polypore International Media business. Polypore Media Company is a leading supplier of membranes and modules for blood treatment. ultrafiltration and gas transfer in the life sciences, electronics, and industry. 3M Healthcare Products won the 2016 Best Product of the Year Award at the 2016 Environmental Leaders. 3Mhas been named in the list of "Most Reputable Companies in the World" by Forbes for 2017. 3M has been awarded the U.S. government's highest award for innovation, the National Medal of Technology. Over a 20 year period, 3M's average gross margin is $1% and the company's average return on assets is 29%. 3M is consistently in the top 20 "America's Most Admired Companies," in Fortune magazine's annual survey. . In 2017, 3M Food Safety and 3M Oral Care received Edison awards evaluated by a panel of more than 3,000 senior business executives and academics in the areas of product development, design, engineering, science and medicine. . In 2017, 3M increased its investment in RAD to $ 1.9 billion dollars, or about 6 percent of sales. In 2017, 3M Sold All of its Communications Division to Coming Incorporated, for approximately $ 870 million dollars. 3Minventory turnover for 2018 is 3.$2. While the inventory turnover of competitors such as Turner Corp is 4.6, General Electric 4.$1 and Honeywell international 6.71 . In 2018, 3M takes over M * Capital's technology business, with a value of $ 1.0 billion dollars. M * Capital is a leading cloud-based healthcare technology company. As of July 18, 2019, Scotch Tape is a product of 3M Co., with a market cap of $ 102.8 billion dollars. As of September 30, 2019, 3M said sales in Asia Pacific which is the largest market outside the United States fell 5% in the third quarter ended September 30 while the European, Middle Eastern, and African markets declined by 4.1%. Sales in the United States rose just 0.8%. The impact will have an impact on 3M employees and the comparry. The following is a selection from the planning documents submitted by 3M's business planming unit. The planners suggest several key strategies: "Rechice high delivered cost, reduce international parent head count by three, explore sales cost reductions, determine vision for traditional products and appropriately staff, continue to rechice factory costs, refine unit cost management system, reduce process and product costs, accelerate development and introduction of new products. "