Remember Boxer in Orwell's Animal Farm?
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Varys, while you are correct that the global economy is expected to grow 3%, I view the 1-2% 3M projection to be a step in the right direction; i.e a return to growth. The new CEO, the little I have seen, is a huge positive change relative to MR. Higher energy, says the right stuff. He already pointed out that a good number of divisions did not launch any new products last year ... more than half the divisions. Hard to grow above GDP if less than half of the company is launching new products. He also pointed out that, historically, 45-50% of the R&D budget was dedicated to new product development but that number is now more like 25-30%. 3M Center still feels like a ghost town relative to pre-pandemic, but it is slowly getting better.
So, for the former 3Mers who used to work here, thank you for your contributions. We stand on the shoulders of giants. Have faith. The company is slowly turning around.
Yep, 3M I suspect will grow just slightly this year (corrected for the spin), say 1-2%. The problem is that the global economy will grow around 3%.
3M will likely get to 2% growth this year. Everybody at work has been very busy, so not sure why the people who do not work here is spewing cr-p. Electronics area is growing. Industrial is seeing green shoots. Consumer is still net zero to maybe down just a touch, but 3M's revenue will grow this year. And with all the layoffs last couple of years, earnings will be significantly higher.
I saw in some cases, they hired back those people whom was laid off. What a joke.
But I thought all those layoffs were going to fix everything?
Look soon for “kitchen sink” q to reset.
I thought is was the best economy?
Q2 sales have been slow. many of the large plants have been suffering low utilization or shutdowns.