Adhesives Mag logo
search
cart
facebook twitter linkedin youtube
  • Sign In
  • Create Account
  • Sign Out
  • My Account
Adhesives Mag logo
  • NEW PRODUCTS
  • NEWS
    • Adhesives & Sealants Headlines
    • Mergers/Acquisitions
    • Events Calendar
    • Market Trends
  • TOPICS
    • Finished Adhesives and Sealants
    • Pressure-Sensitive Adhesives (PSAs)
    • Coatings
    • Raw Materials and Chemicals
    • Materials Handling/Processing
    • Meter/Mix/Dispense
    • Curing
    • Testing/Quality Control
    • Packaging of Adhesives & Sealants
    • Converting/Packaging
    • Composites
    • Sustainability
  • COLUMNS
    • European Perspectives
    • Strategic Solutions
    • Supply Chain Strategies
    • Tape Talk
  • TOP 20
  • MULTIMEDIA
    • Videos
    • Podcasts
    • Webinars
    • eBooks
  • EXPLORE
    • Adhesives in Action
    • Blog
    • ASI Store
    • Industry Links
    • Market Research
    • Classifieds
  • DIRECTORIES
    • Buyers' Guide
    • Global Adhesives & Sealants Directory
    • Raw Materials, Chemicals, Polymers and Additives Handbook
    • Equipment Handbook
    • Distributor Directory
  • EMAGAZINE
    • EMAGAZINE
    • ARCHIVE ISSUES
    • ADVERTISE
      • Custom Content & Marketing Services
    • CONTACT
  • SIGN UP!
NewsAdhesives and Sealants TopicsCoronavirus CoverageAdhesives & Sealants HeadlinesFinished Adhesives and SealantsPressure-Sensitive Adhesives (PSAs)

3M Sales Drop 12.2% in 2020 Second Quarter

Sales declined in all of 3M’s business segments in the second quarter of 2020.

market trends
August 5, 2020

3M recently reported results for the second quarter of 2020, including a decrease in sales of 12.2% to $7.2 billion. Organic local currency sales declined 13.1%, while acquisitions, net of divestitures, increased sales by 2.4%. Foreign currency translation reduced sales by 1.5% compared to the 2019 quarter.

Total sales declined 0.4% in Health Care, 6.2% in Consumer, 9.2% in Safety and Industrial, and 20.9% in Transportation and Electronics. Organic local currency sales decreased 5% in Consumer, 6.1% in Safety and Industrial, 12.4% in Health Care, and 18.9% in Transportation and Electronics.

On a geographic basis, total sales declined 8.5% in Asia-Pacific, 12.7% in the Americas, and 16.4% in EMEA (Europe, Middle East and Africa). Organic local currency sales decreased 8.1% in Asia-Pacific, 14.5% in EMEA, and 15.6% in the Americas.

“While our results were significantly impacted by the global economic slowdown, we executed well, managed our costs and delivered another quarter of robust cash flow,” said Mike Roman, chairman and CEO. “We are taking actions to navigate near-term challenges, while relentlessly innovating for our customers and investing for the future to lead out of the slowdown and continue to deliver long-term value for our shareholders.

“Globally across 3M, we continue to fight the pandemic from all angles and help ensure the safety of our employees, healthcare workers and first-responders, and the public,” Roman continued. “I remain incredibly proud of how our team is leading through these unprecedented times, and I thank all 3Mers for their tireless efforts.”

3M reports that it has been aggressively responding to the COVID-19 pandemic. The company continues to adjust and adapt quickly with a focus on mitigating the near-term impact while positioning 3M’s businesses for success coming out of the crisis. Ongoing efforts reportedly include:

  • Strong, global workplace safety protocols to protect employees
  • Employees effectively adjusting to different ways to work while ensuring business continuity
  • In early stages of return-to-workplace; complying with government guidelines and policies
  • Global production of nearly 800 million respirators in the first half of 2020; approximately 50% distributed in U.S. primarily to healthcare and FEMA; on track to approximately 2 billion globally, including 1 billion in the U.S. for full-year 2020
  • Partnering with U.S. Department of Defense and other governments to expand global respirator manufacturing capacity
  • Advanced membrane technology being used in blood oxygenation procedures; biopharma filtration solutions supporting new vaccine and therapeutic development efforts
  • Expanding partnerships, including new innovative rapid diagnostic COVID-19 test with the Massachusetts Institute of Technology
  • Created hotlines and websites around the world to report suspected fraud
  • Filed 18 lawsuits including in 10 U.S. states and Canada
  • Secured removal of more than 7,000 counterfeit websites and more than 10,000 false or deceptive social media posts to date
  • Maintaining strong customer service with new global enterprise operations team
  • Ongoing adjustments to manufacturing/supply chain operations as demand trends evolve
  • Nearly all plants and distribution centers fully or partially operational
  • Continue to innovate for customers to solve big challenges such as air quality, automotive electrification, and food safety; Priority Growth Platforms outperforming markets they serve
  • Aggressively reduced costs by approximately $400 million year-on-year to help offset COVID-19 related impacts and actions
  • Undertook restructuring actions as a result of the COVID-19 pandemic and related economic impact, resulting in a $58 million charge
  • Divested the drug delivery business, generating a pre-tax gain of $387 million
  • Strengthened the balance sheet by reducing net debt by $1.7 billion since March 31, 2020

According to 3M, the COVID-19 pandemic continues to evolve and affect its businesses in a number of ways. During the second quarter, end market demand remained strong in personal safety, home improvement, general cleaning, semiconductor, data center, and biopharma filtration. At the same time, several other end markets continued to experience significant weakness, including healthcare elective procedures, automotive OEM and aftermarket, general industrial, commercial solutions, and office supplies.

Additional details are available at www.3m.com.

KEYWORDS: COVID-19 financial results general business

Share This Story

Looking for a reprint of this article?
From high-res PDFs to custom plaques, order your copy today!

Recommended Content

JOIN TODAY
to unlock your recommendations.

Already have an account? Sign In

  • mouse in hole

    Using Foam Sealants for Pest Prevention

    According to the National Pest Management Association,...
    Adhesives and Sealants Topics
    By: Kevin Corcoran
  • linked network nodes

    Using the Power of AI for Adhesive and Sealant Formulation

    With the help of software solutions, adhesive formulators...
    Finished Adhesives and Sealants
    By: Karen Parker
  • top20-hero.jpg

    2024 ASI Top 20: Leading Global Manufacturers of Adhesives and Sealants

    ASI's annual ranking of the top 20 global adhesive and...
    Pressure-Sensitive Adhesives (PSAs)
Manage My Account
  • eMagazine Issues
  • eNewsletter
  • Online Registration
  • Manage My Preferences
  • Subscription Customer Service

More Videos

Popular Stories

Picture of three men and one woman cutting a ribbon

H.B. Fuller Opens Adhesives and Sealants Facility in UAE

Picture of Noelle Sieradzki

Mactac Announces Changes to Leadership Team

Aerial view of Bostik manufacturing facility

Bostik Invests in Added Capacity at Massachusetts Manufacturing Plant

ASI Top 20 website

Events

January 1, 2030

Webinar Sponsorship Information

For webinar sponsorship information, visit www.bnpevents.com/webinars or email webinars@bnpmedia.com.

View All Submit An Event

Products

Structural Adhesives: Properties, Characterization and Applications

Structural Adhesives: Properties, Characterization and Applications

See More Products

ASI CASE EBOOK

Related Articles

  • Photo of a person holding a tablet, reading a new story

    Avery Dennison's Volume and Sales Drop in Second Quarter

    See More
  • RawMaterials.jpg

    Despite Sales Drop, Income Rises for Momentive in Second Quarter

    See More
  • Coatings.jpg

    Ferro Second Quarter Sales Drop 19%; Consolidations Planned in Europe

    See More
×

Keep the info flowing with our eNewsletters!

Get the latest industry updates tailored your way.

JOIN TODAY!
  • RESOURCES
    • Advertise
    • Contact Us
    • Directories
    • Store
    • Want More
  • SIGN UP TODAY
    • Create Account
    • eMagazine
    • eNewsletters
    • Customer Service
    • Manage Preferences
  • SERVICES
    • Marketing Services
    • Reprints
    • Market Research
    • List Rental
    • Survey & Sample
  • STAY CONNECTED
    • LinkedIn
    • Facebook
    • Youtube
    • X (Twitter)
  • PRIVACY
    • PRIVACY POLICY
    • TERMS & CONDITIONS
    • DO NOT SELL MY PERSONAL INFORMATION
    • PRIVACY REQUEST
    • ACCESSIBILITY

Copyright ©2025. All Rights Reserved BNP Media.

Design, CMS, Hosting & Web Development :: ePublishing