3M Moves Most Capital Spending Outside U.S. for First Time
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3M Co.’s 2011 capital spending will be mostly outside the U.S. for the first time in its 109-year history, as the company chases sales in emerging markets.
Spending on plants, property and equipment in countries growing more rapidly than developed markets is part of 3M’s plan to garner full-year sales of more than $30 billion, a record. Sales to China, India and other emerging markets now represent 34 percent of revenue, and the company projects they may make up as much as 45 percent in 2015.