Illinois Tool Works (ITW) agreed to recognize 3M's paint preparation system patents and license them.
Q2 2008 sales grew 10% to $6.7 billion- although excluding the effects of a weaker dollar, local currency sales only increased 4.6%. Net profit for the quarter increased 2.5% to $945 million. Sales and profits increased for all divisions except Display and Graphics.[1]
Sirit and 3M Brazil announced a strategic supply agreement to support transportation projects in Brazil. Sirit makes radio frequency ID (RFID) products, which can be used to monitor cars on toll roads.
Only company on Dow to net increase on this day.
3M stock struggled after lower than expected sales volumes and higher than anticipated new capacity
Stock price rose coming off some new acquisitions and a strong quarter above analyst expectations.
Shares of 3M fell 5.4% on 1/30 when the company forecast per-share profit for 2007 below analysts'