Table: McNerney Puts His Stamp on 3M
The company's new chairman has launched several initiatives since arriving a year ago:
3M is planning to move more manufacturing to lower-wage sites overseas and to pool its purchases across divisions to get lower prices.
Taking a page from GE's playbook, 3M has specially trained "black belts" rooting out inefficiencies in departments from R&D to sales.
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.
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.