3M officials expect company growth, but global financial woes will continueby Martin Moylan, Minnesota Public Radio
St. Paul, Minn. — Officials with 3M expect financial woes around the world to continue in the upcoming year, but nothing approaching a financial meltdown.
During a meeting with stock analysts in New York CIty, 3M CEO George Buckley said he has "no sense of any settlement of the turbulent global situation."
Buckley expects slow but positive growth in the U.S., but Western Europe's economy seems to be worsening. He expects a mild recession in Europe.
Even so, 3M said its sales may increase as much as 6 percent next year, owing to growth in existing businesses and a boost from mergers and acquisitions. 3M also expects profits will rise as much as 11 percent in the coming year.
A big question about 2012 for 3M remains unanswered. In February, Buckley turns 65, the mandatory retirement age at 3M. Presentations given by several 3M executives did not address a succession plan.