Fascinating read touching on Polaris, Advance 3M, and other poor decision making:
https://archive.ph/1w3Rs
“Effectively, 3M became ‘a case study of everything not to do over a very long period of time’…”
22 replies (most recent on top)
3m su-ks
The same reason why 3M would spin off Industrial is the same reason why no one will buy it. Ever go into a marketing activation meeting, product development, or any other event with that group of clowns?
@g9 they did exactely the same thing when they sold custom procedure trays - the people learned about it in a meeting as a sidenote.
@f7 I worked there prior to the acquisition and it was a very successful and growing company (Winterthur Technology Group, which included Wendt). Once 3M took over, it wasn’t long before we all realized that they didn’t know what to do with the company because they didn’t understand the market and its customer base. Glad I left in 2016….
@k7 "during the 6 years of the Roman Empire, 3M lost almost $100B in market value" Nero could have done better for shareholders whilst playing his fiddle as 3M burned shareholder value.
Looks like ASD shrinking in size.
@g9 The letter from global procurement has gone out to suppliers announcing the sale of the precision grinding and finishing business (PG&F) to Nimbus. Details earlier confirmed.
According to the article, during the 6 years of the Roman Empire, 3M lost almost $100B in market value, yet no mention of the Board of Director’s accountability for letting this go on. Unintended oversight on the part of the author or…?
@g9 This is mostly OUS - Plants are Montrose (Colorado), Royersford (Pennsylvania), Vastervik Sweden, Villach Austria, Meerbusch Germany, Niederstetten Germany - I may be missing one. Selling to Nimbus (EU based). Closing in 2026. All affected employees are blocked from transferring internally to other areas of the company. 3M management are now a bunch of buffoons, who have no idea how to grow or successfully manage a company - narrative is doesn’t fit in the core - isn’t abrasives the core?
Cutting off big chunks of the company with no announcement... Layoffs now under the radar... this company seems to have something to hide... bb, why all the secrecy?
sorry, not believing this. There would have been some sort of public announcement if it was real, I think. Can't announce something like this to 700 people and not have it go public. 3M would want to make a statement at least concurrently to control the narrative.
@f7 What plants are affected? Are there any news articles? Who did it sell to? Timing of separation?
@fg this seems to be one of several that will be coming in near term...
@fd Don’t know why (maybe embarrassment) at the loss. Winterthur acquisition 2011 -450 million - Diamond Productions and General Industrial Diamond - maybe 30 million+ in 2006. Not sure it’s worth anything (assets vs liability) at this point. The profound mismanagement by 3M and the Abrasives management from day one has been a case study on how not to integrate acquisitions.
@f7 why is this sale without a new release or public announcement?
@cb PG&F sold off as of late Monday night. Announced to only affected employees (700 worldwide supposedly). Another example of 3M paying a ridiculous premium and ruining the business with their complete mismanagement of a good business.
Puff piece for bb. 80% of employees know hes just another cost cutter.
Next puzzle piece sold - SIBG PG&F
The reference to Tireman is accurate.
interesting that one guy (Jimbo) can poison a whole company. But we can see the same thing from the current president......
Interesting how they complimented 3M culture of innovation vs the "ruthlessness" (their words) of the GE Jack Welch culture.
Which is why this company is about to be broken apart by BB and the good name end up on the scrap heap of corporate history.
Nothing was truly wrong with this company 25 years ago when Desi was wrapping up a lackluster 9 year run as CEO. Problem is the one guy who could have been a 3M innovation CEO got exiled to Imation.
Enter GE flunkie James McNerney who brings in exactly to potent poison that destroyed 3M culture.
Jimbo went for the jugular of innovation to goose quarterly earnings and please Wall Street.
So sad that a great corporate icon is now in garage sale mode.
Goo article.