3M expects Asia Pacific growth spurt Minneapolis Star Tribune

09.12.09

3M Co. CEO George Buckley expects the U.S. advancement to be "patchy and slow" in 2010, but he told investors Tuesday in New York that his public limited company intends to seize overseas growth opportunities that will power a sales rebound of 5 to 7 percent.

Buffeted by the worst budgetary downturn since the Great Depression, the Maplewood-based company projected it will end this year with sales down 9.5 to 10.5 percent.

In his part of the four-hour giving, Buckley spoke with optimism about the coming year, using phrases such as "the magic is back" and "the hamlet is on fire" to describe the innovation occurring within 3M on product development.

3M, with new products ranging from miniature projection devices to a new formation of abrasives, is poised to take advantage of the improving economy, Buckley said.

The nation's high unemployment rank is blocking a meatier recovery in the housing and auto sectors, Buckley said. 3M itself has cut 6,400 jobs during the depression, including 3,000 in the U.S. He added that weakness in the construction and machine tool industries will limit cultivation.

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