Looking ahead in 2022, 3M is expecting a year of sustainable growth and value creation. The St. Paul, Minnesota-headquartered company, which operates in the promotional products market through its 3M Promotional Markets Dept. (PPAI 113638, S11), predicts total sales growth between 1% and 4%, an increase in earnings per share and robust cash flow, despite an anticipated decline in personal protective equipment (PPE) sales.
“3M is powered by purpose, unlocking the power of people, ideas, and science, to re-imagine what’s possible and create what’s next,” says 3M Chairman and CEO Mike Roman. “We are well positioned for 2022 and beyond because of our customer-inspired innovation, industry-leading businesses, fundamental strengths and world-class capabilities enabling us to win in fast-growing markets.
“Building upon 9% organic growth in 2021, we expect to continue growing above the macro environment, while generating robust cash flow, expanding margins and strengthening our balance sheet. We continue to drive value through our strategic priorities: accelerating innovation, actively managing our portfolio, transforming our operating model with new digital capabilities, and investing in our people and culture. In addition, we continue to advance our leadership in ESG (environmental, social and corporate governance), including a $1 billion commitment over 20 years to achieve carbon neutrality, reduce water use and improve water quality along with reducing the use of plastics.”
3M is investing $165 million to improve water quality and reduce water use at its manufacturing facility in Cottage Grove, Minnesota. In August, the company announced it would no longer use an incinerator to process waste in Cottage Grove, and it has fully transitioned its waste management at the site to athird party. As a result, Cottage Grove will reduce its on-site energy use by an estimated 25%.
“3M continues to proactively evolve our manufacturing capabilities to better serve our customers, enhance our ability to deliver science at scale and advance our commitment to environmental stewardship,” Roman says. “This investment in Cottage Grove is another example of how 3M invests in and partners with the communities in which we operate.”
