3M expands solar-film plant

3M is expanding its sustainable energy footprint with its new photovoltaic film manufacturing plant in Missouri. The Maplewood-based conglomerate says the film cuts manufacturing time and replaces the need for the heavy glass used in rooftop solar modules. The Star Tribune also reports the project will lower costs for U.S.-based makers of solar panels.

Author:: BMTN Staff
Updated:: Mar 8, 2018
Original:: Jun 20, 2012

3M is expanding its sustainable energy footprint with its new photovoltaic film manufacturing plant in Missouri. The Maplewood-based conglomerate says the film cuts manufacturing time and replaces the need for the heavy glass used in rooftop solar modules. The Star Tribune also reports the project will lower costs for U.S.-based makers of solar panels.

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Maplewood-based 3M Co. has agreed to pay $110 million in cash to buy Federal Signal Technologies Group, which focuses on electronic toll collection and parking management software services.

After 10 years at Maplewood-based 3M, Mauro Porcini will now focus on expanding Pepsi's 12 biggest brands, Fast Company reports. At 3M, Porcini had a role in designing office supplies, health care products and built a sought-after design team. Porcini joins PepsiCo on July 2.

Both 3M and Cogent deny any wrong doing, but have agreed to pay $1.9 million to shareholders and their attorneys. Bloomberg reports the investors claim Cogent CEO Ming Hsieh favored 3M to collect a retention bonus. The Maplewood-based company paid about $943 million in 2010 for Cogent.

Kansas officials say they won't pay 3M the remaining $4 million the state owes on its $25 million contract until the Maplewood-based vendor fixes the state's new $40 million motor vehicle system. Among the issues, the Topeka Capital-Journal reports the new software didn't convert more than 70,000 records correctly and counties continue to report other problems three months after the May launch.

Several companies gathered to swap power-saving tips at 3M's energy-efficiency summit on Monday. The Maplewood-based company touted its plan to change light bulbs across 35 million square feet of factory space, the Star Tribune reports.

3M Co. posted a record third-quarter earnings of $1.65 per share, an increase of 8.6 percent increase from a year earlier, but cut its profit expectations for all of 2012 because of "current economic realities." The Maplewood-based company, which makes everything from office supplies to specialized coatings, expects to earn $6.27 to $6.35 per share for the year, down from $6.35 to $6.50, CNBC reports.

Allen Jacobson, a former CEO of the 3M Co. from 1986 to 1991 has died at 86. Jacobson, who championed research and development at 3M, started with the Maplewood-based manufacturing company after graduating from college in 1947.

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