Traditionally conceived as a simple office supply company, 3M is transforming its image to become a more high-tech company, which should drive revenues and expansion in coming years. In March 2009, the company announced it would be the exclusive distributor of fiber optic products for Clearfield, Inc. in Canada. In addition, the company is developing a material to make lithium-ion batteries to power cell phones and laptop computers. In the fall of 2008, 3M released a hand-held mobile projection device, which can project presentations, videos, graphs, and charts on-the-go.
3M CEO George Buckley, a scientist in background, has put more money into R&D. 3M spent $1.4 billion on research and development in 2008. The company's previous CEO, James McNerney, was known more for driving raw profit numbers.