Economics

Pioneer Press Wed, 05 Mar 2008 20:35:24 -0700
3M expects overseas growth to roll on

Can 3M Co.'s international sales growth continue to defy gravity? Just 10 years ago, 51 percent of 3M's sales came from markets outside the United States. This year, 3M estimates that figure will top 64 percent. At an investor's conference in New York Wednesday, one analyst noted that 3M's sales mix of international versus domestic isn't far off the global mix of gross domestic product. To put that in context, the International Monetary Fund estimated that in 2006, U.S. GDP was 26 percent of the global total. By comparison, about 36 percent of 3M's sales are from inside the United States. With that in mind, the analyst asked Pat Campbell, 3M's chief financial officer, if perhaps 3M was close to "maxing out" on its international growth rate. Campbell's answer: No. And he noted 3M's emerging markets can be far larger than they are.

[[keywords: Living;Metro;]]