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

  • Russia invests in rural road upgrades
    March 22, 2012
    Russia’s road building and upgrading programme is now gathering pace. Russia's Federal Highway Agency plans to bring over 85% of federal roads into conformity with road traffic regulations. The Federal Highway Agency has boosted construction of rural roads by establishing road funds and built over 500km in 2011. The Russian Government plans to allocate nearly US$198 million to build key roads in 2012. The Federal Highway Agency has set road upgrades as a top-priority. Under this plan road bearing capacity w
    Read More
  • Senior Cat boss on booming emergent market
    March 28, 2014
    Paolo Fellin, vice president of Caterpillar’s Global Construction & Infrastructure Division, has touched on the importance of the new dominance of booming African and other Emergent nation construction markets. Guy Woodford reports For Paolo Fellin, the last 10 years have seen the birth of a new order in world construction equipment sales.
    Read More
  • Hyundai Heavy Industries Europe announces encouraging 2013 sales
    February 13, 2014
    Hyundai Heavy Industries Europe (HHIE) sold 3% more Hyundai construction equipment across Europe in 2013, compared to 2012. In the UK market, it was the heavy line crawler excavators (14tonne – 80.5tonne) that showed the most impressive growth performance – 308 were sold in the UK in 2012 and in 2013 a total of 522 machines were sold, which equates to a 69.48% increase in units sold. This increases the market (comparable products from construction equipment OEM’s) in the UK from 8.34% in 2012 to 12.69% in
    Read More
  • The boards of SNC and Atkins agree the US$2.7 billion acquisition
    April 28, 2017
    The acquisition of Atkins by SNC-Lavalin has been unanimously approved by the boards of both global infrastructure providers for around US$2.7 billion. During the first full financial year of the merger group around $90 million of cost synergies is expected to be saved. The deal is still subject to regulatory and Atkins shareholder approval, likely to be given in the third quarter of this year. Atkins, based in London, brings around 18,300 employees to the group and expands SNC-Lavalin's geographic reach be
    Read More

Highlighted Content