St. Paul, Minnesota-based 3M has realigned the company from five to four business segments. The move will enable the company to better serve its global customers and markets, according to 3M.
The four business segments will include transportation & electronics, safety & industrial, health care, and consumer.
Pressure-sensitive vinyl films used in vehicle and building wraps and window film that 3M manufacturers will be relegated under the commercial solutions division in the transportation & electronics business segment. The segment will have estimated annual revenue of $10 billion, according to the company.
The safety & industrial segment includes businesses serving the global industrial, electrical and safety markets. This segment consists of personal safety, adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules. This segment will have estimated annual revenue of $12 billion, according to 3M.
“We are continuing to advance 3M into the future, and today’s actions will strengthen our ability to meet the fast-moving needs of our customers,” said Mike Roman, 3M CEO. “Our new alignment will leverage our business transformation progress, accelerate growth and deliver greater operational efficiencies.”
The realignment strengthens 3M’s four strategic priorities: portfolio, innovation, transformation, and people & culture. It also positions the company for long-term growth and value creation, according to 3M.
3M will start reporting its financial results under this new structure starting with the second quarter of 2019.
3M also announced the following leadership appointments to go along with the realignment:
- Ashish Khandpur was appointed executive vice president in the transportation & electronics business group. Khandpur currently serves as executive vice president of the electronics & energy business group.
- Michael Vale was appointed executive vice president of the safety & industrial business group. Vale currently serves as executive vice president of the health care business group.
- Mojdeh Poul was appointed executive vice president of the health care business group. Poul currently is executive vice president of the safety & graphics business group.
- Paul Keel was appointed executive vice president of the consumer business group. Keel currently is senior vice president of business development and marketing-sales.
- Denise Rutherford was appointed senior vice president of corporate affairs. Rutherford currently serves as vice president of research & development and commercialization for the industrial business group.
- Stephen Shafer was appointed senior vice president of business development and marketing-sales. Shafer currently serves as vice president in the greater China area of 3M, and as managing director of 3M China.
In addition, James Bauman, executive vice president of the industrial business group, and Joaquin Delgado, executive vice president of the consumer business group, have announced their intentions to retire.