3M unveils expansion plans for Middle East

3M has reported record first-quarter sales of $ 7.5 billion, up 2.4 percent year-on-year. Earnings were $1.59 per share, an increase of 6.7 percent versus the first quarter of 2011, and operating margins for the quarter were 21.8 percent. First-quarter organic local-currency sales grew 1.8 percent, acquisitions added 1.5 percent to sales and foreign exchange impacts reduced sales by 0.9 percent. On a segment basis, sales increased 8.6 percent in Industrial and Transportation, 5.5 percent in Safety, Security and Protection Services, 4.3 percent in Consumer and Office and 2.0 percent in Health Care. Sales declined 3.4 percent in Electro and Communications and 11.8 percent in Display and Graphics, both impacted by the consumer electronics industry.
On a geographic basis, sales grew 8.4 percent in Latin America/Canada, 6.3 percent in the United States and 0.1 percent in Europe. Sales declined 1.9 percent in Asia Pacific.
Raghavan Manohar, area leader, strategic planning, M&A and marketing excellence, MEA, 3M, said: "Strategic geographical expansions, building local capability, business model innovation and leadership development across the Middle East region are key constituents of 3M's strategy in the Middle East. 3M Gulf is working toward expanding its presence in Saudi Arabia, Qatar and select African countries.