3M named in Fortune’s World’s Most Admired Companies list

3M has retained its place in Fortune magazine's World's Most Admired Companies list, it has emerged.

The global scientific company – which employs 84,000 people in more than 65 countries worldwide – was positioned in 21st place out of the 50 organisations in this prestigious countdown.

Fortune compiles the rankings based on the overall corporate reputation of an organisation and garners the requisite information by questioning both leading executives and directors from eligible companies and financial analysts.

Several key facets of reputation are considered before the table is finalised, such as innovation, people management, long-term investment strategy, financial soundness, global competitiveness and quality of products and services.

3M's strong performance in these crucial areas for business success mean it is the world's most admired medical equipment firm.

"An idea-generating machine, 3M aims to have 30 percent of its some 30 billion dollars (19.7 billion pounds) annual revenue come from products introduced in the last five years," Fortune noted.