3M profit decreases 37 per cent

3M’s fourth-quarter profit has fallen 37 per cent, it has been revealed.

Originally reported as $851 million (599 million pounds) and $1.17 per share a year ago, the company’s earnings now stand at $536 million and $0.77, respectively.

The organisation also noted its sales were $5.5 billion, a decrease of 11.2 per cent.

Chairman and chief executive officer George Buckley said: “The fourth quarter was different from any pattern we’ve ever seen before.

“The synchronisation of the world’s economies is simultaneous contraction.”

He went on to note the company had “streamlined” its operations over 2008 and will aim to protect itself against further downfall this year, through optimisation.

Mr Buckley concluded by noting the organisation also planned to reduce capital expenditures by 30 per cent over the course of 2009.

In November, 3M’s Health Information Systems subsidiary signed a deal with GHN-Online, which saw customers of the latter gaining access to 3M’s Edit Engine software.