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3M: Minnesota Mining and manufacturing ompany - Essay Example

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3M Company, formerly known as the Minnesota Mining and Manufacturing Company, is an American multinational conglomerate corporation based in Maplewood, Minnesota, a suburb of St. Paul. USA. With over 80,000 employees, they produce over 55,000 products…
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Download file to see previous pages 3M Company, formerly known as the Minnesota Mining and Manufacturing Company, is an American multinational conglomerate corporation based in Maplewood, Minnesota, a suburb of St. Paul. USA. With over 80,000 employees, they produce over 55,000 products With over 80,000 employees, they produce over 55,000 products, including: adhesives, abrasives, laminates, passive fire protection, dental products, electronic materials, medical products, car care products (such as sun films, polish, wax, car shampoo, treatment for the exterior, interior and the under chassis rust protection), electronic circuits and optical films. 3M has operations in more than 60 countries – 29 international companies with manufacturing operations, and 35 with laboratories. 3M products are available for purchase through distributors and retailers in more than 200 countries, and many 3M products are available online directly from the company. Minnesota Mining & Manufacturing Company (3M) was founded in 1902 by a group of industrialists led by Lucius P. Ordway and John Ober. The company was formed to exploit the mineral corundum; however, three years later the company had nothing to show but a pile of rock, as the corundum they hoped for was actually anorthosite. The company was able to use the anorthosite to make sandpaper, which had a large and expanding market. While 3M did not turn a profit for several more years, two of the employees it hired in 1907 would ensure its future. The two employees were William L. McKnight and A.G. Bush, who developed the sales system that helped to make the company a success. The two men designed an aggressive, customer-oriented brand of salesmanship. I selected this company for analysis because over a period of decades the company has indicated growth and firm market standing through diversification, avoiding price cuts, increasing sales by 10-15 percent a year, high employee morale, and quality control. 3M is a diversified technology company serving customers and communities with innovative products and services. Each of their six businesses has earned leading global market positions. 3M captures the spark of new ideas and transforms them into thousands of ingenious products. Their culture of creative collaboration inspires a never-ending stream of powerful technologies that make life better. 3M is the innovation company that never stops inventing. Analysis of the Business Environments Fol are the stated business conduct policies of the company:- 1. Act with uncompromising honesty and integrity in everything they do. 2. Satisfy their customers with innovative technology and superior quality, value and service. 3. Provide their investors an attractive return through sustainable, global growth. 4. Respect their social and physical environment around the world. 5. Value and develop their employees' diverse talents, initiative and leadership 6. Earn the admiration of all those associated with 3M worldwide. The 3M Business Conduct Committee, consisting of several senior executives and chaired by 3M’s Vice President, Compliance and Business Conduct, has responsibility for overseeing 3M’s legal and ethical compliance program. The Business Conduct Committee reports to the Audit Committee of the 3M Board of Directors, which assists the Board of Directors in oversight of 3M’s legal and regulatory compliance program. The Compliance and Business Conduct Department oversees the strategic, systematic and operational components of 3M’s compliance program design and implementation. The Department also focuses on implementing the initiatives of the Business Conduct Committee in such areas as compliance policy drafting, compliance risk analysis, education, communication strategy and program awareness, coordination of investigations and continuous process improvement. The Compliance and Business Conduct Department is assisted by dedicated compliance organizations in the areas of government contracting, health care regulatory, ...Download file to see next pagesRead More
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