3M 2004 Annual Report Download - page 21

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innovate, grow, deliver 19
TRANSPORTATION BUSINESS
Who we are We provide products and components for the manufacture,
repair and maintenance of autos, aircraft, boats and other vehicles.
Our major product categories include abrasives, tapes, films, adhesives
and specialty materials. We have earned an excellent reputation for
providing high-quality products and services to automotive manufacturers,
automotive body shops, the aerospace and marine industries, and other
segments of the transportation market worldwide.
2004 highlights
• Increased sales 9.4 percent, with growth well-balanced among
our businesses.
• Increased operating income 10.1 percent and operating profit
margins to 25.4 percent.
• Strengthened relationships with key customers through joint
Six Sigma projects.
• Maintained our leading positions in key segments, despite
a difficult business environment.
• Continued to accelerate growth in automotive manufacturing,
specialty vehicle, aerospace maintenance and repair, and
international market segments.
(Millions) 2004 2003 % change
Net sales $1,683 $1,538 9.4%
Operating income $ 428 $ 389 10.1%
SAFETY, SECURITY AND
PROTECTION SERVICES BUSINESS
Who we are We’re a leader in several large and fast-growing markets,
including personal safety, security and facilities protection. Our major
products include personal protection products, laminates that are used
to help prevent counterfeiting of documents, reflective materials for
personal safety, window films, cleaning and protection products for
commercial establishments, roofing granules for asphalt shingles, and
fire protection products that help protect against the spread of fire,
smoke and toxic fumes.
2004 highlights
• Increased sales 10.2 percent, with solid growth in our occupational
health and environmental safety, industrial mineral products,
commercial care, and building safety solutions businesses.
• Increased operating income 12.3 percent and operating profit
margins to 23.1 percent.
• Successfully integrated the acquisition of Hornell Holding AB,
a global supplier of personal protective equipment for welding
applications. This acquisition further extends our wide array of
product offerings for the personal protection market.
• Expanded our presence in
government markets both in the
United States and internationally, particularly
in the first responder,
military and homeland security segments.
• Through the tremendous efforts of our sales organization and channel
partners, responded quickly to the devastation wrought by hurricanes,
volcanic eruptions and other disasters, providing personal safety
products, window glazing protection and other help.
• Continued to expand our partnership with complementary 3M businesses
to maximize the company’s opportunities in a broad array of markets.
(Millions) 2004 2003 % change
Net sales $2,125 $1,928 10.2%
Operating income $ 491 $ 437 12.3%