3M updates five-year plan and outlines new growth targets

3M has discussed its latest ambitious growth targets and strategy at a meeting with institutional investors and analysts this week.

Through a programme of active portfolio management, investing in innovation and business transformation, the company is seeking to drive enhanced value creation, with organic revenue growth of four to six percent expected between 2013 and 2017.

A nine to 11 percent increase in earnings per share is expected during the same period. In order to augment organic growth, 3M plans to invest up to $10 billion (6.11 billion pounds) for acquisitions through 2017, although investments could exceed this range in the right circumstances.

3M also announced that its board of directors has declared a dividend increase of 35 percent for the first quarter of 2014

The company's chairman, president and chief executive officer Inge Thulin said: "We are building the company for long-term success and are committed to creating sustainable value for our shareholders."

This comes after 3M announced a sales total of $7.9 billion of the third quarter of 2013, an all-time record for the organisation.