Table: McNerney Puts His Stamp on 3M

The company's new chairman has launched several initiatives since arriving a year ago:

SOURCING

3M is planning to move more manufacturing to lower-wage sites overseas and to pool its purchases across divisions to get lower prices.

SIX SIGMA

Taking a page from GE's playbook, 3M has specially trained "black belts" rooting out inefficiencies in departments from R&D to sales.

OVERHEAD COSTS

3M had been letting utilities, travel, and other costs rise faster than sales; they now total $3 billion a year. It has hard goals for cutting these outlays.

PRODUCT DEVELOPMENT

This has always been a 3M strength, but it is now pushing to get goods into the marketplace much faster by focusing R&D spending on the most likely prospects.

    Before it's here, it's on the Bloomberg Terminal.
    LEARN MORE