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Excluding the positive impact of currency, five of the company’s six business segments expanded sales in the quarter, with Industrial and Transportation up 15.1%; Safety, Security and Protection Services up 14.1%; Health Care up 10.9%; Consumer and Office up 4.6%; and Electro and Communications up 1%.
“The business environment remains challenging, as the economic softening that we experienced late in the second quarter continued into the third,” said George W. Buckley, chairman, president and CEO. “While growth rates were good across much of our portfolio, LCD TV remained weak and momentum slowed in other parts of electronics following several quarters of very good growth. In addition, ongoing policy uncertainty and austerity are affecting growth in Western Europe, which reduced sales in the quarter. As is typical, we are seeing the impact of these changes earlier than most as our customers decrease production in order to lower their inventories. Conversely, we should benefit more quickly when those markets recover.”
For more information, visit www.3m.com.