UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): March 29, 2016
3M COMPANY
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
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File No. 1-3285 |
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41-0417775 |
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(Commission File Number) |
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(IRS Employer Identification No.) |
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3M Center, St. Paul, Minnesota |
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55144-1000 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
(651) 733-1110
(Registrant’s Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01. Regulation FD Disclosure
On March 29, 2016, 3M Company issued a press release announcing that the Company will introduce its new five-year financial objectives (covering 2016 through 2020) and reaffirm its full-year 2016 performance expectations, at a meeting with investors and analysts today (attached hereunder as Exhibit 99 and incorporated herein by reference).
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
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Exhibit Number |
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Description |
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99 |
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Press Release, dated as of March 29, 2016, of 3M Company (furnished pursuant to Item 7.01 hereof) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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3M COMPANY | |
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By: |
/s/ Gregg M. Larson |
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Gregg M. Larson, |
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Deputy General Counsel and Secretary |
Dated: March 29, 2016
Exhibit 99
FOR IMMEDIATE RELEASE
3M Introduces New Five-Year Financial Objectives;
Reaffirms Full-Year 2016 Outlook
ST. PAUL, Minn. - March 29, 2016 - At a meeting with investors and analysts at the company’s global headquarters today, 3M Chairman, President and Chief Executive Officer Inge G. Thulin will introduce new five-year financial objectives and describe how the company is positioned to deliver consistently strong performance in 2016 and beyond. Thulin will also discuss how 3M’s playbook — including its three key levers of portfolio management, investing in innovation, and business transformation — is making 3M even more relevant to customers, more agile and more competitive.
3M’s new five-year financial objectives — covering 2016 through 2020 — are:
· 8 to 11 percent growth in earnings per share
· 2 to 5 percent organic local currency sales growth
· 20 percent return on invested capital
· 100 percent free cash flow conversion
“These objectives reflect our confidence in driving efficient growth — that is, strong, sustainable growth and premium returns — well into the future,” said Thulin. “Going forward, we remain focused on controlling the controllable, investing for the long term, and leveraging our scientific capabilities to create even greater value for our customers and shareholders.”
At today’s meeting, leaders from across the company will describe how 3M is enhancing performance and creating value across its portfolio of businesses. The company also will discuss plans to further strengthen and streamline its supply chain, as well as an elevated focus on lean six sigma to improve customer service, drive operational efficiencies and increase cash flow.
The company also highlighted its newly opened state-of-the-art research and development facility — The 3M Carlton Science Center — which will house multiple 3M businesses and up to 700 scientists to foster innovation and cross-collaboration between businesses and with customers.
3M also reaffirmed its 2016 full-year performance expectations. The company expects 2016 earnings to be in the range of $8.10 to $8.45 per share with organic local-currency sales growth of 1 to 3 percent. 3M also expects free cash flow conversion to be in the range of 95 to 105 percent.
Today’s meeting will be webcast live beginning at 7:30 a.m. CDT and is scheduled to adjourn at 12:30 p.m. CDT. Investors can access this meeting via the following:
· Live webcast at http://investors.3M.com.
· Webcast replay: Go to 3M’s Investor Relations website at http://investors.3M.com and click on “3M 2016 Investor Day.”
Forward-Looking Statements
This news release contains forward-looking information about 3M’s financial results and estimates and business prospects that involve substantial risks and uncertainties. You can identify these statements by the use of words such as “anticipate,” “estimate,” “expect,” “aim,” “project,” “intend,” “plan,” “believe,” “will,” “should,” “could,” “target,” “forecast” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance or business
plans or prospects. Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic and capital markets conditions and other factors beyond the Company’s control, including natural and other disasters or climate change affecting the operations of the Company or its customers and suppliers; (2) the Company’s credit ratings and its cost of capital; (3) competitive conditions and customer preferences; (4) foreign currency exchange rates and fluctuations in those rates; (5) the timing and market acceptance of new product offerings; (6) the availability and cost of purchased components, compounds, raw materials and energy (including oil and natural gas and their derivatives) due to shortages, increased demand or supply interruptions (including those caused by natural and other disasters and other events); (7) the impact of acquisitions, strategic alliances, divestitures, and other unusual events resulting from portfolio management actions and other evolving business strategies, and possible organizational restructuring; (8) generating fewer productivity improvements than estimated; (9) unanticipated problems or delays with the phased implementation of a global enterprise resource planning (ERP) system, or security breaches and other disruptions to the Company’s information technology infrastructure; (10) financial market risks that may affect the Company’s funding obligations under defined benefit pension and postretirement plans; and (11) legal proceedings, including significant developments that could occur in the legal and regulatory proceedings described in the Company’s Annual Report on Form 10-K for the year ended Dec. 31, 2015. Changes in such assumptions or factors could produce significantly different results. A further description of these factors is located in the Annual Report under “Cautionary Note Concerning Factors That May Affect Future Results” and “Risk Factors” in Part I, Items 1 and 1A. The information contained in this news release is as of the date indicated. The Company assumes no obligation to update any forward-looking statements contained in this news release as a result of new information or future events or developments.
About 3M
At 3M, we apply science in collaborative ways to improve lives daily. With $30 billion in sales, our 90,000 employees connect with customers all around the world. Learn more about 3M’s creative solutions to the world’s problems at www.3M.com or on Twitter @3M or @3MNewsroom.
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Investor Contacts: |
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Bruce Jermeland |
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Media Contact: |
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Lori Anderson |
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(651) 733-1807 |
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(651) 733-0831 |
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Mike Kronebusch |
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3M |
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(651) 733-1141 |
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