MAPLEWOOD (dpa-AFX) - 3M Co. (MMM) announced Monday the realignment of the company from five to four business segments to enable it increase customer focus, agility and productivity to better serve the fast-moving needs of global customers and markets.
'Our new alignment will leverage our business transformation progress, accelerate growth and deliver greater operational efficiencies,' said 3M CEO Mike Roman.
The new structure will be comprised of four business segments: Safety & Industrial, Transportation & Electronics, Health Care, and Consumer. 3M will start reporting its financial results under this new structure starting with the second quarter of 2019.
The Safety & Industrial segment, with estimated annual revenue of $12 billion, includes businesses that serve the global industrial, electrical and safety markets.
The Transportation & Electronics segment, with estimated annual revenue of $10 billion, includes businesses that serve global transportation and electronic original equipment manufacturer (OEM) customers.
The Health Care segment, with estimated annual revenue of $7 billion, will include medical solutions, oral care, separation and purification sciences, health information systems, drug delivery systems, and food safety.
The Consumer segment, with estimated annual revenue of $5 billion, will include home improvement, stationery and office supplies, home care, and consumer health care.
Home improvement will also include the retail auto care business that was previously a part of the company's automotive aftermarket business.
3M also announced the several leadership appointments, effective April 1, 2019, including appointing Denise Rutherford as senior vice president of Corporate Affairs and Stephen Shafer as senior vice president of Business Development and Marketing-Sales.
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