3M forecasts US$350mn 2013 Russia turnover

3M expects to post a turnover of US$350 million (RUB 11.129 billion) in Russia this year – an increase of 16.6% on the $300 million (RUB 9.539 billion) posted in 2011, according to its CEO Inge Thulin. Russia accounts for 1% of total annual turnover for the globally renowned manufacturer of innovative products for transport, industry, healthcare, energy efficiency, security and other spheres. 3M estimates that developing countries will capture 40-45% of its total turnover within five years, up from t
October 31, 2013 Read time: 2 mins
152 3M expects to post a turnover of US$350 million (RUB 11.129 billion) in Russia this year – an increase of 16.6% on the $300 million (RUB 9.539 billion) posted in 2011, according to ITS CEO Inge Thulin.

Russia accounts for 1% of Total annual turnover for the globally renowned manufacturer of innovative products for transport, industry, healthcare, energy efficiency, security and other spheres.

3M estimates that developing countries will capture 40-45% of ITS Total turnover within five years, up from today's 34%.

Since 2008, 3M has owned a plant which manufactures respirators, home care products, anti-corrosion coatings, located in Volokolamsk, near Moscow. Another facility will open in the special economic zone Alabuga in Tatarstan (Volga) next year. It will produce anti-corrosion materials and abrasives, tapes and other products. The corporation also has three research laboratories in Russia. It has already received five patents in the fields of road safety (a road sign with internal illumination and a new type of reflector), printing (a new flexographic plate mounting technology), and telecommunications (a cable connector for use with armoured cable and a hook for optical cable. By the end of 2013, 3M plans to receive up to 10 new patents, and, within five years, to open new laboratories for the medical, oil and gas and other industries.

The B2B sector accounts for 90% of the company's business in Russia, whereas 15% of sales come from the oil and gas industry.

Thulin believes the Russian economy will see a rapid growth, fuelled, he predicts, by the technical transformation and growth of the middle class.

For more information on companies in this article

3M

Related Content

  • CONTROLS has developed a new business strategy
    April 4, 2013
    With the European economy in crisis and continuing shifts in the world order, manufacturers must re-think their business strategies if they are to succeed. Seasoned survivor Pasquale di Iorio, CEO of construction testing equipment specialist CONTROLS Group shares his plans for the future - Kristina Smith met him in Italy Pasquale Di Iorio has been at the helm of construction testing equipment manufacturer CONTROLS Group since 1996. First impressions suggest that Di Iorio is a strong leader: confidently dete
    Read More
  • Mostotrest won another tender for building of Moscow-St Petersburg highway
    February 20, 2014
    The award for a key stretch of the Moscow-St Petersburg highway has been awarded - Eugene Gerden writes As expected by analysts, Mostotrest, owned by the Rotenberg brothers, won the tender for the construction of the sixth and longest section of the Moscow-St Petersburg highway. Under the conditions of the tender the company will build 209km of the highway (334-543km), which will pass through the Tver and Novgorod regions of Russia. The cost of construction is 144.6 billion Rubles (US$4.51 billion), 16 bill
    Read More
  • Doosan Bobcat has opened its new factory in India
    September 11, 2019
    Doosan Bobcat has opened its first manufacturing facility in India. The factory is located in Tamil Nadu state, on the outskirts of Chennai. Representing an investment of US$26 million, the 10.5ha site has an annual production capacity of 8000 units. It is an integrated facility with fabrication, warehouse, assembly and paint shop all under one roof and will initially be manufacturing Bobcat backhoe loaders completely designed and developed by the Engineering team based in Chennai. This is a new addition t
    Read More
  • A bridge of hope?
    July 18, 2012
    As Russia prepares for a major Asia Pacific conference in nearly four years' time, the economic climate is felt in other countries in the region. Patrick Smith reports AUS$1 billion-plus suspension bridge is to be built to link the city of Vladivostok in the far east of Russia and Russky Island. Russia's President Dmitry Medvedev has signed an instruction for construction of the 3,150m long bridge, which is intended to provide access to the 24th Asia Pacific Economic Cooperation (APEC) summit, to be held o
    Read More

Highlighted Content