3M budgets up to $2B a year for acquisitions

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3M CEO Inge Thulin says the Maplewood-based company plans to be more aggressive about buying other companies, according to Dow Jones Newswires.

"Our plan is to spend $1 billion to $2 billion on an annual basis of acquisitions, and we are laying that plan out and we have a good hopper, which is broad-based for all the five business groups in terms of where we would like to go for the future," Thulin told CNBC in an interview at 3M's innovation center in Mexico City.

Thulin also talked about his company's focus on innovation and the potential for growth in Latin America. Watch the interview below:

At 3M’s annual meeting last month, Thulin said the company plans to increase its investment in research and development from 5.5 percent to 6 percent, or about $30 million, by 2017.

The maker of consumer and office products and industrial goods is planning a new $150 million research facility at its Twin Cities headquarters. It will be home to about 700 researchers when it’s complete in early 2015.

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