3M Company increases sales in Mexico
3M Company, also known as Minnesota Mining and Manufacturing Company, increased its sales in Mexico in 2022 and 2023 at double-digit rates.
In 2023, its sales in Mexico grew 12 percent, which included a 10 percent increase in organic sales.
To remember: 3M is a diversified technology company with a global presence in the Safety & Industrial; Transportation & Electronics; Healthcare; and Consumer businesses.
Previously, in 2022, its total sales in Mexico rose 8 percent, which included organic sales growth of 12 percent.
3M Company
Worldwide, the company’s net sales fell 4.5 percent year-over-year in 2023, to $32.681 billion. In 2022, they declined 3.2 percent in 2022.
After posting a net profit of $5.777 billion in 2022, the company reported a loss of $6.995 billion in 2023.
What does this company produce and sell?
3M manufactures products for the electronics industry, including specialty adhesive tapes, optical films, screen protectors and thermal management materials; medical adhesive tapes, wound dressings, sterilization products and wound management solutions; and personal protective equipment, safety glasses, hearing protectors and respirators.
The company also provides products and solutions for the automotive industry, such as adhesives for vehicle manufacturing, polishing materials and thermal management products, as well as filtration solutions for commercial and residential applications, including water filters and purification systems.
The company develops products for the home, such as cleaning products, air filtration systems and child safety products, and provides products and solutions for the construction industry, including abrasives, sealants, adhesives and protection materials.
Internationalization
For 2023, in the Americas, total sales in the United States remained stable, including flat organic sales.
In Canada, total sales decreased 9 percent, which included a 5 percent decline in organic sales.
In Brazil, total sales grew 4 percent, which included an increase in organic sales of 3 percent.
In the Asia Pacific geographic area, total sales in China decreased 15 percent, which included a decrease in organic sales of 11 percent.
