3M Company (MMM) Presents At J.P. Morgan 2023 Industrials Conference (Transcript) | Old North State Wealth News
Connect with us


3M Company (MMM) Presents at J.P. Morgan 2023 Industrials Conference (Transcript)



3M Company (NYSE:MMM) J.P. Morgan 2023 Industrials Conference March 15, 2023 9:50 AM ET

Company Participants

Monish Patolawala – EVP, CFO & Transformation Officer

Conference Call Participants

Steve Tusa – J.P. Morgan

Steve Tusa

Hey, everyone. My name is Steve Tusa. I’m the Electrical Equipment And Multi-Industry Analyst here at J.P. Morgan. Welcome to day two of the J.P. Morgan Industrials Conference. We’re very pleased to kick it off today with 3M and Monish Patolawala, who’s the CFO at 3M. Monish has a few opening remarks. Then we’ll jump right into Q&A. Monish?

Monish Patolawala

Great. Thanks for having us, Steven. I just thought I’d get – I’ll just give a few opening remarks to get everybody caught up on generally what’s been going on with 3M over the last couple of years. 2022 was a pivotal year for 3M, and I mean, you just think about a couple of things. On the operating side, we continue to manage inflation through price actions. We made sure that we took care of our customers’ shortened cycle times, and we focused on making sure that we kept their factories running and their shops running versus ours. And then we also made sure that we made progress on just driving operating rigor. We made – we reached an agreement with the Flemish government to restart our Zwijndrecht operations in Belgium. And at the same time, we exited our Russia facility, our Russia business. Also, when you think at it on the actions we’ve taken on the strategic side, we have set up 3M for a lot of success. The goal is to have two world class companies, as we announced the spin-off of our healthcare business, which right now is on track. The teams are making tremendous progress on that. As always, all those transactions are subject to regulatory approvals. They’re subject to tax opinions, tax letters, final board approval, and other customary regulatory items that we have to work through. But the teams are doing a

Read the full article here


Copyright © 2022 ONSWM News. Content posted on the Old North State Wealth News page was developed and produced by a third party news aggregation service. Old North State Wealth Management is not affiliated with the news aggregation service. The information presented is believed to be current. It should not be viewed as personalized investment advice. All expressions of opinion reflect the judgment of the authors on the date the articles were published. The information presented is not an offer to buy or sell, or a solicitation of any offer to buy or sell, any of the securities discussed.