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3M reorganizes business divisions

Wednesday, 3 Oct 2012 | 2:03 PM ET

ST. PAUL, Minn. -- Office products maker 3M Co. on Wednesday announced a reorganization that reduces the number of its major business segments to five from six.

St. Paul, Minn.-based 3M said that under its new structure its business segments will be consumer, industrial and health care, along with its newly formed safety & graphics and electronics & energy divisions.

Inge Thulin, the company's chairman, president and CEO, said that by building scale more broadly, 3M will be better able to take full advantage of innovation and commercialization opportunities. The new structure is effective immediately.

3M, known for its Post-It sticky notes, currently employs about 84,000 people worldwide.

3M shares rose 6 cents to $93.60 in afternoon trading Wednesday Its shares are approaching their 52-week high of $94.30 set in mid-August.

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