3M, parent company to supplier 3M Promotional Markets, has stated that the company is still working with Avery Dennison Corp. on a purchase agreement, despite a report from the U.S. Department of Justice (DOJ) claiming that the deal has been terminated.
3M Promotional Markets Department
The year ahead for industrial companies is looking a little brighter than it seemed a few months ago, as economic conditions improve in North America and demand in key business segments strengthens.
Large manufacturers, led by 3M Co. (parent of 3M Promotional Markets), Illinois Tool Works Inc. and Parker Hannifin Corp., raised 2012 profit forecasts on Tuesday as they reported stronger-than-expected results.
The three posted results that topped Wall Street estimates, and all raised their outlooks. United Technologies Corp. also beat forecasts but noted an uneven global economy and kept its outlook steady.
When the normally ebullient George Buckley delivers 3M Co.'s fourth-quarter results on Thursday, he risks winding down his career on a feeble note.
The St. Paul, Minn., conglomerate, slowed by weakness in Europe and sluggish demand in some electronics markets, is expected to fall far short of its ambitious sales-growth goals.
That's a setback for Mr. Buckley, a native of Sheffield, England, and 3M's chief executive, who has sought to supercharge the company's shares by touting its growth potential.
3M announced that it has entered into a definitive agreement to acquire the office and consumer products business of Avery Dennison Corp. for a total purchase price of $550 million in cash, subject to post-closing adjustments.
The former Defence Secretary Liam Fox and his friend and unofficial adviser Adam Werritty may be called to give evidence in an ongoing court battle.
Porton chief executive Harvey Boulter, in dispute with U.S. technology group 3M, told Sky News he planned to call them both to "debunk baseless allegations."
A legal war between former Clinton adviser—and Fox News contributor—attorney Lanny Davis and 3M Co. continues with a new shot fired by the business giant.
3M asked the court on Nov. 1 to strike Davis's special motion to dismiss a lawsuit it filed against Davis.
Though 3M, the parent company of 3M Promotional Products, was recently ordered to pay $1.3 million in damages to the Porton Group, a British investment fund, it has annouced today that it will press ahead with a lawsuit of its own claiming that its accusers targeted it with $30 million in blackmail.
Americans put the brakes on purchases of LCD TVs and other electronics this summer. That didn't help manufacturers like 3M Co.—which rely on those expensive goods to drive business.
The manufacturing conglomerate on Tuesday lowered its earnings expectations for the year, mostly because of slowing imports from Asia. About 70 percent of the company's sales are generated from products made overseas. Many are sold in the U.S.
3M shares sank 6.2 percent, or $5.13 to $77.05 in afternoon trading. The Maplewood, Minn., company now expects to earn $5.85 to $5.95 per share compared with $6.10 to $6.25 per share previously.
With the assistance of the United Way of Brown County Backpack Project, backpacks are being distributed to children in Sleepy Eye schools so that they are better ready to start school.
According to executive director, Donna Lambrecht, a couple of large donations really made the expansion of the program possible. Norwood & BIC Graphic North America provided 100 free backpacks and 3M made a $1,400 donation from an employee special events fundraiser.