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3M CEO backs off growth projections

3M's Chief Executive Officer is revising the projections for annual sales growth set by his predecesor. Bloomberg reports 3M's new goal is to increase revenue four to six percent a year at existing businesses, a reduction from the seven to eight percent sought by the previous CEO.
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3M 's Chief Executive Officer is revising the projections for annual sales growth set by his predecesor.

Speaking to analysts and investors at 3M's Maplewood headquarters, CEO Inge Thulin outlined the company's five year business strategy. It was his first set of projections since taking over the top job in February.

Bloomberg reports 3M's new goal is to increase revenue four to six percent a year at existing businesses, a reduction from the seven to eight percent sought by the previous CEO. Thulin said a strong commitment to research said innovation will be at the center of the company's plan.

The Star Tribune  notes that Thulin's plan involves aggressive penetration in developing nations. 3M will continue to develop products and services for the medical market, regarded as a major growth area. Revenue in 3M's $5 billion health care division is expected to rise by five percent a year.

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