ST. PAUL, Minn., Feb. 14, 2022 /PRNewswire/ — At its Virtual Strategic Update and 2022 Outlook Meeting, 3M today is announcing its 2022 guidance and highlighting its plan for sustainable long-term growth and shareholder value creation. 3M is expecting total sales growth of 1% to 4%, which includes organic sales growth of 2% to 5%, earnings per share (EPS) of $10.15 to $10.65, and robust cash flow. Included in this guidance is an anticipated decline in COVID-19-related disposable respirator demand in 2022, resulting in a headwind to organic growth of 2 percentage points and earnings per share of 45 cents.
“3M is powered by purpose, unlocking the power of people, ideas, and science, to re-imagine what’s possible and create what’s next,” said 3M chairman and CEO Mike Roman. “We are well positioned for 2022 and beyond because of our customer-inspired innovation, industry-leading businesses, fundamental strengths, and world-class capabilities enabling us to win in fast-growing markets.
“Building upon 9% organic growth in 2021, we expect to continue growing above the macro environment, while generating robust cash flow, expanding margins and strengthening our balance sheet. We continue to drive value through our strategic priorities: accelerating innovation, actively managing our portfolio, transforming our operating model with new digital capabilities and investing in our people and culture. In addition, we continue to advance our leadership in ESG, including a $1 billion commitment over 20 years to achieve carbon neutrality, reduce water use and improve water quality along with reducing the use of plastics.”
3M Invests in Future of Manufacturing in Cottage Grove, Minnesota
Today, the company announced an investment of $165 million to improve water quality and reduce water use at its manufacturing facility in Cottage Grove, Minnesota. In August of 2021, the company announced it would no longer use an incinerator to process waste in Cottage Grove. 3M has fully transitioned its waste management at the site to an experienced third party, and as a result, will reduce its on-site energy use by an estimated 25 percent.
The technology investment in Cottage Grove is another step forward in the company’s $1 billion, 20-year commitment to ambitious environmental goals, which include improved water quality, reduced water use and reduced plastic use – as well as achieving carbon neutrality by 2050.
“3M continues to proactively evolve our manufacturing capabilities to better serve our customers, enhance our ability to deliver science at scale and advance our commitment to environmental stewardship,” said Roman. “This investment in Cottage Grove is another example of how 3M invests in and partners with the communities in which we operate.”
