3M reveals record annual sales

3M has posted all-time record annual sales for 2008 – despite a difficult fourth quarter.

The company reported sales of $25.3 billion (17.7 billion pounds) for 2008 – a 3.3 per cent increase compared with the previous year. Including acquisitions, local-currency sales rose by 1.4 per cent.

However, a "dramatic fourth-quarter economic downturn" was also recorded, according to George W Buckley, chairman, president and chief executive of 3M.

The period saw sales fall by 11.2 per cent to $5.5 billion (3.84 billion pounds) and local-currency sales, including acquisitions, decrease by six per cent.

Mr Buckley said the company was responding to a lower demand by employing "aggressive cost management and operational discipline".

He added 3M’s workers "are doing an outstanding job managing through worldwide market challenges and are positioning our company to seize the upside when growth resumes".

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