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

  • Wacker Neuson’s “targeted measures” fuelling success in 2013 and beyond
    December 3, 2013
    Wacker Neuson’s (WN) “targeted measures” are said to be expanding the German construction equipment manufacturing group’s presence in Europe and the Americas which, coupled with a greater reach into other markets, has left WN well placed for success in 2014. A Group statement released this week notes that due to the slow start to construction activity in the first three months of 2013 due to harsh weather conditions in the northern hemisphere and uncertainties across European markets, WN Group revenue fell
    Read More
  • Wacker Neuson’s strong growth in third quarter
    November 8, 2019
    The Wacker Neuson Group reports strong growth in its business activities in its third quarter for 2019. There was a double-digit rise in revenue to €467.2 million, a growth of 12.4% over the €415.8 million recorded for the same period in 2018. However the EBIT ratio was slightly below the result for the previous year at €40.2 million, a drop of 4%. The firm says that this growth was fuelled by significant gains in all three reporting regions. Group revenue for the first nine months of the year amounted t
    Read More
  • Improving the UK’s road markings efficiently
    June 30, 2014
    According to a recently published report, based on the findings of the Road Safety Markings Association (RSMA), the condition of road markings on the UK’s roads is so poor they require immediate remedial action. This comprehensive survey covered 7,000km of the roads in England, Wales, Scotland and Northern Ireland. It revealed that 47% of markings on all roads (and as much as 52% on motorways) in England are in need of immediate replacement or should be scheduled for replacement in order to ensure they meet
    Read More
  • Highways Agency’s 57 road improvements set to give £3bn boost to UK economy
    October 8, 2012
    The Highways Agency is to deliver 57 vital road improvements said to equate to a near US $ 4.83 billion (£3bn) boost to the UK economy. The $ 274.25 million (£170mn) investment is part of a $ 350.07 million (£217) million programme to remove bottlenecks and keep traffic moving on England’s motorways and major A roads. Many of the improvements will be delivered in 2013 and 2014, and they will all be completed by March 2015. The announcement brings the total number of schemes to receive investment from the Go
    Read More

Highlighted Content