A Little 3M History

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A Little 3M History

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A Little 3M History

The 3M Organization, previously referred to as the Minnesota Mining and Manufacturing Company, is an American multinational conglomerate company based in Maplewood, Minnesota, a suburb of St. Paul.

With $30 billion in yearly revenue, 3M employs 88,000 men and women globally and creates much more than 55,000 products and solutions, which includes: adhesives, abrasives, laminates, passive fire protection, dental and orthodontic products and solutions, electronic supplies, health-related products and solutions, car-care products and solutions sun films, polish, wax, vehicle shampoo, treatment for the exterior, interior as well as beneath chassis rust defense, electronic circuits, and optical films.

3M has functions in more than 65 nations around the world which includes 29 worldwide organizations with production operations and 35 firms with laboratories. 3M products and solutions can be found for purchase through distributors and merchants, and on-line on the internet directly from the organization.

5 businessmen started 3M in Two Harbors, Minnesota, in 1902. Initially a mining venture, the objective was to mine corundum, but this failed since the mine’s mineral holdings were anorthosite, which had no industrial benefit. Co-founder John Dwan solicited  funds in {exchange|trade} for stock and Edgar Ober and Lucius Ordway took over the organization in 1905. The organization moved  to Duluth and commenced analysis and creating sandpaper items.  William L. McKnight, later on a important executive, joined the organization in 1907, along with A. G. Bush joined in 1909. 3M eventually became secure in 1916 and was capable to pay dividends.

 

The organization moved to St. Paul in 1910, where by it remained for fifty two years right before outgrowing the campus and relocating to its present headquarters at 3M  Centre in Maplewood, Minnesota in 1962. The new Maplewood campus is 475 acres (1.92 km2) and it has in excess fifty building structures, which includes an Innovation Centre that displays products and solutions 3M  has taken to market place.

The organization started by mining stone from quarries to be used in grinding wheels. Having difficulties with quality and marketing and advertising of its items, management supported its employees to innovate and establish new items, which grew to become its main business. Twelve years following its inception, 3M developed its very first unique product: Three-M-ite cloth. Other innovations in this period included masking tape, water resistant sandpaper, and Scotch brand tapes. By 1929, 3M had made its first moves towards worldwide expansion by forming Durex to carry out business in Europe. Exactly the same year, the company’s stock was first traded over-the-counter as well as in 1946 listed New york Stock Exchange NYSE. The organization is presently component of the Dow Jones Industrial Average S&P 500.