3M 2005 Annual Report Download - page 5

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0504030201
$21.2$20.0$18.2$16.3$16.1
Net Sales (billions)
0504030201
0504030201
$1.68$1.44$1.32$1.24$1.20
Dividends Per Share (dollars)
0504030201
0504030201
$4.12$3.75$3.02$2.50$1.79
Earnings Per Share (dollars)
0504030201
Organic growth through technology. Of all our approaches to
growth, the greatest of these is organic growth through innovation – 3M’s
primary and defining strategy. There is no question that 3M’s technological
and scientific capability is not only world class, but world leading. 3M’s
pre-eminence in such technologies as adhesives, materials science, light
management, microreplication and nonwoven materials is well
documented and well known. Less well known is 3M’s magnificent
process capability – the ability to not only develop unique products, but
also to manufacture them efficiently and consistently around the world.
These two elements – 3M’s technology portfolio and process
capability – are at the core of 3M’s unique business model and will
shape our growth for the foreseeable future.
The challenge is to unlock and unleash 3M’s technological creativity and
prowess, and transform ideas into products and ultimately into sustainable
growth and profits streams. Albert Einstein said that “imagination is
more important than knowledge.” While we will invest increased energy
and resources in commercialization, marketing and new product launches,
we will not forget what makes 3M great – imagination.
Confidence in the 3M team. My optimism about 3M is rooted in my
confidence in the people of 3M. Since joining the company, I have been
deeply impressed with the professionalism and passion of 3Mers around
the world. It is really quite amazing to see the depth of it. In every
function and in every country, I see a renewed commitment to growth
through innovation and a renewed commitment to helping our customers
succeed. Those things are vital for our success. Our people realize that
growth is more a result of passion and creativity than purely of process.
And they are eagerly and enthusiastically getting on with the business
of growing the company and increasing shareholder value.
Speed and simplicity. Everyone at 3M recognizes that we live in an
era where speed and simplicity trump bureaucracy and complexity.
Certain facets of 3M are necessarily complex, but I know we have ample
opportunity to improve both speed and efficiency. We are moving
forward with a conscious focus on streamlining and supercharging both
our decision making and our operations.