3M News
10 articles
3M Raises Full-Year Profit Target After Deep Spending Cuts
3M Co. has raised its full-year adjusted profit and cash flow targets after reporting third-quarter results that exceeded Wall Street estimates. The improved performance is attributed to cost cuts, layoffs, and efforts to address a prolonged sales slump. The company now expects adjusted earnings in 2023 to be $8.95 to $9.15 per share, up from its previous forecast of $8.60 to $9.10. Adjusted operating cash flow is also expected to increase from a range of $5.9 billion to $6.3 billion to $6.5 billion to $6.9 billion. The companys shares rose 4.8% following the announcement.
InvestmentLayoffs
7 Blue-Chip Stocks to Sell in July
The article discusses seven blue-chip companies that are currently underperforming and may need to be sold from portfolios. These include Intel, which is making costly investments despite being unprofitable; 3M Company, which is laying off 8,500 workers and spinning off its profitable healthcare business; Qualcomm, which is struggling to compete in the tech market; Coca-Cola, which is facing declining sales; Walt Disney Co., which is dealing with leadership changes and the impact of the pandemic; Target, which is facing flat revenue and increasing theft; and Verizon Communications, which is burdened with massive debt.
Management ChangesLayoffs
3M sells Israeli subsidiary to Apax for $200m
3M has completed the sale of its electronic monitoring business to funds advised by Apax Partners for $200 million. The business, originally called Attenti and acquired by 3M in 2010 for $230 million, provides electronic monitoring technologies to correctional and law enforcement agencies in 34 countries. The annual sales of the business are approximately $95 million.
Acquisition
Apax Israel to buy 3M's traffic safety and security division for $200m
Apax Partners has agreed to acquire the electronic-monitoring business of 3Ms traffic safety and security division for $200 million. The business, formerly known as Attenti and DMAtek, was acquired by 3M in 2010 for $230 million. Apax plans to grow the business in existing geographies and expand its global presence. The acquisition was made through Apaxs Israel unit. With annual sales of around $95 million, 3Ms electronic-monitoring business provides technologies to correction and law enforcement agencies in 34 countries.
Acquisition
http://www.jpost.com/Business-and-Innovation/Tech/3M-expands-Israel-operations-with-first-customer-innovation-center-436511
3M has launched a customer innovation center in Herzliya, Israel, indicating its interest in the Israeli market. The center aims to connect customers to their needs and develop the business in Israel. 3M has been operating in Israel since 1996 and has made high-tech acquisitions and investments in the country, including the acquisition of Attenti for $230 million in 2010. The company has also invested in companies like VocalZoom and Takadu. The customer innovation center in Israel is one of about 50 centers worldwide and represents a $500,000 investment. The interaction with customers at these centers has helped 3M develop new products and modify existing ones.
CustomersInvestment
3M Invests In Another Israeli Firm Twin Cities Business
3M Company has announced an investment in software firm Takadu to utilize its analytics services for monitoring water infrastructures. 3Ms investment arm, 3M New Ventures, has acquired a minority share in Takadu. The cloud-based software offered by Takadu uses data from water systems and analytics to detect and predict problems or inefficiencies. 3M aims to address the growing need for a solution that provides insights into aging water infrastructure. The investment amount remains undisclosed. This is 3Ms second investment in an Israel-based company in less than a year.
Investment
3M Attenti fires 40
3M Attenti Ltd., a subsidiary of 3M Company, announced layoffs and held hearings for 40 employees. The company previously fired ten employees. They develop electronic control and monitoring equipment, including electronic handcuffs, but have lost several large contracts. In 2008, Dmatek was acquired by a group of investors for �52.9 million and later sold to 3M for $230 million. They were one of the first Israeli companies to list on the London Stock Exchanges main market.
Layoffs
3M to invest in Israeli VocalZoom
3M New Ventures, the capital arm of multinational conglomerate 3M, is expected to invest $4 million in Israeli startup VocalZoom. This investment marks 3Ms debut investment in Israel and will be part of VocalZooms first financing round. VocalZoom develops speech enhancement and voice activity detection technologies. 3M New Ventures gains control over the company and takes an active role in its management as a lead investor. The report does not mention any specific partners or customers. The date of the event described in the article is not provided.
Investment
3M buys Israeli technology firm Attenti for $230m
American giant 3M is acquiring Attenti Holdings for $230 million. The acquisition is a growth-positive move for 3M. Attentis technology is used to remotely monitor criminals and elder care patients. The principal investors in Attenti, Francisco Partners and Sequoia Capital, will have a stellar exit from the company. Attenti was the first Israeli company to float stock on the London Stock Exchanges AIM market. It went public in 2008 with a market cap of $21 million. Attenti is expected to have sales of about $100 million this year. The acquisition allows 3M to enter the electronic monitoring devices market.
Acquisition
3M to invest in R&D in Israel for the 1st time
3M Corp. has decided to invest in R&D in Israel, with a focus on health and personal safety. The company invests $1 billion annually in R&D and has set no limit for its investment in Israeli technology. The investment will be according to opportunities discovered by 3M and their business viability. 3M plans to invest through various types of cooperation, including joint ventures, investments in Israeli companies, partnerships confined to R&D, acquiring companies, and investing in the promotion of specific products to be developed exclusively for 3M. The company is interested in developing innovative technologies in Israel for protection against counterfeiting and biometric identification.
Investment