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3M to restructure business into four units

Key Points
  • 3M said on Monday it would restructure its business into four operating units from five.
  • The company's shares fell 1 percent in early trading after it announced the four units - safety & industrial, transportation & electronics, healthcare and consumer.
  • 3M also said James Bauman, executive vice president of its industrial business, and Joaquin Delgado, executive vice president of its consumer business, would retire.
Exterior of the Dutch head office of international technology company 3M in Delft, Netherlands.
Koen van Weel | AFP | Getty Images

3M said on Monday it would restructure its business into four operating units from five, as it looks to sharpen its focus on customers and boost growth.

The company's shares fell 1 percent in early trading after it announced the four units - safety & industrial, transportation & electronics, healthcare and consumer.

Earlier, the company's industrial, and safety & graphics businesses were separate.

The maker of Scotch tape and Post-It notes, which reported total sales of $32.77 billion for the last fiscal year, said it expects annual revenue from its safety & industrial unit to be $12 billion, and $7 billion from its transportation & electronics unit.

The U.S. manufacturer has been struggling with a slowdown in its Chinese business, and said in January it saw sluggish sales in its global automotive and electronics business led by weak customer demand in China.

3M, which makes everything from adhesive tapes to air filters, will start reporting its financial results under this new structure from the second quarter of 2019.

3M also said James Bauman, executive vice president of its industrial business, and Joaquin Delgado, executive vice president of its consumer business, would retire.

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Apple unveils new iPad Air and iPad Mini ahead of video streaming announcement

Key Points
  • The new models offer keyboard support for the first time and work with the Apple Pencil.
  • Both models are now available to order and will hit shelves next week.
  • Apple is hosting an event on March 25 where it's expected to announce a video streaming service.