At 3M's annual meeting on Tuesday, Chief Executive Officer Inge Thulin said the Maplewood-based company plans to increase its investment in research and development, the Pioneer Press reports.
Last year, 5.5 percent of revenue went into R&D. Thulin expects that will rise to 6 percent by 2017.
"Innovation is in the heart of 3M, and its at the center of our plan to move forward," said Thulin, according to the Business Journal.
The maker of consumer and office products and industrial goods is planning a new $150 million research facility at its Twin Cities headquarters.
The Journal says the project will be home to about 700 researchers when it's complete in early 2015.
"This is a commitment for us that is not only for 2013. This is ... a commitment 25 to 50 years into the future relative to this company," Thulin added.
Thulin, 59, became CEO in February 2012, succeeding George Buckley.
3M shareholders have seen the company's stock climb almost 29 percent in the past year, the Pioneer Press notes.
The company posted record sales of $7.6 billion and net income of $1.1 billion in the first-quarter.
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